Cookie settings
Picture
Contactez-nous
Picture

Grand reopening

En bref

The global economy is enjoying a grand reopening. Rising infections still burden large parts of Europe and EMs (India, Brazil). Yet the vaccine champions are leading the way.

Highlights:

  • Amid the global economic rebound from the pandemic and rising US inflation concerns, upside pressures on yields will persist. The PEPP acceleration has not stopped the yield ascent, and the ECB faces a difficult June meeting; so does the Bund.
  • The Fed’s patience may stoke inflation fears, but keep real yields in check – they matter most for risky assets. Vaccination progress, large excess savings/liquidity and surging earnings keep us long risk assets (Equities, Credit) for now, and underweight in longer-dated Government bonds.
  • Discretionary positioning and equity fund inflows, however, have become stretched in parts. As the summer boom supports exuberance and vols recede, start thinking about cheap hedging.

Download the full publication below

Market Perspectives ǀ Grand Reopening
PDF
Notre Offre
Investissement Responsable
Actualités
Nous Connaître
Contactez-Nous
Picture
Picture
Picture

© Generali Investments, tous droits réservés. Ce site web est géré par Generali Investments Holding S.p.A. en tant que société holding des sociétés de gestion d'actifs du Groupe Generali ayant, directement ou indirectement, une participation majoritaire dans les sociétés énumérées ci-dessous (ci-après dénommées conjointement "Generali Investments"). Ce site web peut contenir des informations relatives à l'activité des sociétés suivantes : Generali Asset Management S.p.A. Società di gestione del risparmio, Infranity, Sycomore Asset Management, Aperture Investors LLC (y compris Aperture Investors UK Ltd), Plenisfer Investments S.p.A. Società di gestione del risparmio, Lumyna Investments Limited, Sosteneo S. p.A. Società di gestione del risparmio, Generali Real Estate S.p.A. Società di gestione del risparmio, Conning* et ses filiales Global Evolution Asset Management A/S - y compris Global Evolution USA, LLC et Global Evolution Fund Management Singapore Pte. Ltd - Octagon Credit Investors, LLC, Pearlmark Real Estate, LLC ainsi que Generali Investments CEE. *Englobe Conning, Inc, Conning Asset Management Limited, Conning Asia Pacific Limited, Conning Investment Products, Inc, Goodwin Capital Advisers, Inc (désignés comme "Conning").

Informations juridiques
Politique en Matière de Cookies
Politique de Confidentialité
Conditions Générales
Droits d’Auteur
Gender equality index
Glossaire