Market Compass September 2022

In Short

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:

  • Hawkish speeches at Jackson Hole have poured cold water on nascent hopes that policy setters may blink soon and slow or stop rate rises amid rising recession risks.
  • Equity valuations and (thus far resilient) earnings will face stiffer headwinds into winter, with a recession in Europe looming amid an energy crunch and higher rates.
  • Investor positioning remains very bearish, leaving scope for selective bounces. Yet we still favour an underweight in riskier assets. The strong demand for the stretched USD is unlikely to reverse soon.

 

Download the full publication below

Market Compass September 2022
Picture

© Generali Investments, all rights reserved. This website is provided by Generali Investments and is considered as a marketing communication and financial promotion related to the products and services of the following companies belonging to the Generali group: Generali Asset Management S.p.A. Società di gestione del risparmio and Generali Investments Luxembourg S.A. (hereinafter jointly, Generali Investments). Moreover, the website may contain marketing communication and financial promotion of products and services of companies part of the multi-boutique platform coordinated by Generali Asset Management S.p.A. Società di gestione del risparmio and in particular of Infranity, Sycomore Asset Management, Aperture Investors LLC., Plenisfer Investments SGR, Lumyna Investments, Sosteneo Infrastructure Partners SGR and Generali Real Estate S.p.A. Società di Gestione del Risparmio