Market Compass
January 2020

Edited by the Macro & Market Research Team.
A team of 13 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.

  • Market Outlook

  • Easing global policy concerns (Brexit, US-China tensions) coincide with bottoming trade and manufacturing data, but new tension in the Middle East are likely to dampen the sentiment.

  • Some good news are already discounted by financial markets, but the positive risk/moderate inflation environment will favor risk sentiment in 2020, barring an escalation in political tensions.

  • We still expect the Federal Reserve (Fed) to cut rates in H1. The European Central Bank (ECB) will keep its accomodative stance.

  • Improved macro fundamentals justify an increase in the overweight in Credit and Equities, financed by an higher underweight in Sovereign bonds and Cash.

MARKET COMPASS
JANUARY 2020
DOWNLOAD
MORE INSIGHTS

RELATED INSIGHTS

READ NOW
COVID-19 FACTS & FIGURES
The World Bank is launching a $4 billion financing platform aimed at boosting the production and supply of critical healthcare products in developing countries.
READ NOW
GLOBAL VIEW – ENJOY SUMMER WHILE IT LASTS
As lockdowns have been lifted and global activity rebounded from the Q2 nadir, hopes of a strong recovery have helped risk assets advance further over July.
READ NOW
Generali Investments among preferred asset managers brands in Europe
We are pleased to share with you the outcome of the first survey on “Preferred Asset Management Firms by European fund selectors” run by Cerulli Associates, in which Generali Investments ranked #11.
MORE INSIGHTS