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Market Compass March 2023

En bref

A team of analysts based in Paris, Cologne, Trieste, Milan and Prague runs qualitative and quantitative analysis on macroeconomic and financial issues. The team translates macro and quant views into investment ideas that feed into the investment process.

Highlights:

  • Central banks’ difficult battle against stubborn inflation is getting even harder
  • February dashed hopes that policy makers may quickly tame inflation. We now expect even higher peak rates.
  • The recent rebound in long-term real rates makes Equity valuations even more stretched. Healthier than expected growth in Europe and China’s reopening bounce are only a partial relief.
  • We continue to favour a (trimmed) underweight in Equity and High Yield, while seeing value (mostly in the carry) in IG Credit.

 

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Market Compass March 2023
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