Cookie Settings
Picture
Contatti
Picture

Climbing a wall of worries? It is very slippery

In breve

Just as central banks keep rushing to tame the inflation beast, the energy crisis and political uncertainties are complicating their tasks even further. Yet both Equities and Bonds climbed a wall of worries in July.

Highlights:

  • Central banks (CBs) are still showing their teeth, frontloading rate hikes and asserting their  inflation credentials. But the Fed and ECB’s distancing from forward guidance is likely coinciding with a pivot towards less aggressive tightening.
  • Indeed, risks to growth are rising steadily. A moderate H2 recession is now our base case for the euro area. This will strengthen the case for a more calibrated monetary tightening after summer.
  • Also expect the Fed to turn less hawkish by then. Investors may be front running this already, hence the recent bounce in equities. Yet we keep a prudent risk stance for now, in a fast deteriorating economic environment: underweight Equities, HY Credit and non-core debt (TPI unconvincing). We see value in safer Credit segments and USD.
     

Read the full publication below

Climbing a wall of worries? It is very slippery
Competenze
Investimenti Responsabili
Insights
Chi Siamo
Contatti
Picture
Picture

© Generali Investments, tutti i diritti riservati. Questo sito web è fornito da Generali Investments Holding S.p.A. in qualità di holding delle principali società di gestione del risparmio del Gruppo Generali che detengono, direttamente o indirettamente, la maggioranza delle partecipazioni nelle società sotto elencate (di seguito, congiuntamente, "Generali Investments"). Questo sito web può contenere informazioni relative all'attività delle seguenti società: Generali Asset Management S.p.A. Società di gestione del risparmio, Infranity, Sycomore Asset Management, Aperture Investors LLC (inclusa 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* e tra le sue controllate Global Evolution Asset Management A/S - incluse Global Evolution USA, LLC e Global Evolution Fund Management Singapore Pte. Ltd - Octagon Credit Investors, LLC, Pearlmark Real Estate, LLC e Generali Investments CEE. *Comprende Conning, Inc., Conning Asset Management Limited, Conning Asia Pacific Limited, Conning Investment Products, Inc. e Goodwin Capital Advisers, Inc. (collettivamente, "Conning").

Note Legali
Informativa Sui Cookie
Informativa Sulla Privacy
Termini e Condizioni
Copyright
Glossario