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ECB greening of the credit market to start in 2022

Climate change and the need for greening the economy has become a top priority issue in politics. The EU addressed it in the NextGenerationEU Recovery Plan and the latest European Green Deal proposals.

Market Perspectives ǀ Overfretting about the triple peak

The monthly ‘Market Perspectives’ by the experts of our Macro & Market Research Team.

ECB sends a dovish message as new strategy increases threshold for raising rates

Today’s policy meeting was the first after the presentation of the ECB’s new strategy earlier this month. As expected, the Governing Council continued to deliver a dovish message.

COVID-19 UPDATE Facts & Figures

A study in the New England Journal of Medicine found that Pfizer was 88% effective at preventing symptomatic disease from the Delta variant with both doses, compared with 93.7% against the Alpha variant. US borders with Mexico and Canada will remain closed to non-essential travel for another month.

The EC green deal proposal is a further step towards greening the EU economy

The European Commission (EC) already announced last year to go green and made green deal proposals. The target on which the EU27 member states committed themselves is to reduce green house emissions by 55% relative to the 1990 level by 2030 and to achieve climate neutrality until 2050.

The BoJ introduced a first green funding for lending scheme

Today the Bank of Japan concluded a two-day policy meeting with the announcement of the “Preliminary Outline of the Fund-Provisioning Measure to Support Efforts on Climate Change (Climate Change operations).”

COVID-19 UPDATE Facts & Figures

Police in Paris fired tear gas and made arrests trying to disperse an anti-vax protest. The protest follows the decision to oblige health workers to get vaccinated and for people to show a vaccine health pass to enter most public places. European Commission chief said the European Union has delivered enough vaccine doses to member states to fully vaccinate al least 70% of adults.

Marktkompass Juli 2021

Herausgegeben vom Macro & Market Research Team. Ein Team von Analysten mit Sitz in Paris, Köln, Triest, Mailand und Prag analysiert qualitativ und quantitativ makroökonomische und finanzielle Fragen. Das Team überträgt makroökonomische und quantitative Ausblicke in Anlageideen, die in den Anlageprozess einfließen.

ECB’s new strategy: Symmetric, more complex, greener and better explained

Today the Governing Council (GC) surprisingly released its new monetary policy strategy. It follows the last update from 2003 and was approved unanimously.

China: U-turn of monetary policy ahead?

Yesterday, China’s State Council strongly surprised by mentioning an RRR cut. In addition, a former PBoC official suggested a rate cut in H2. Markets wonder whether these remarks are already signals for a U-turn in monetary policy and if so, what reasons might have played a role in the background?

Market Compass July 2021

Edited by the Macro & Market Research Team. The 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.

Supportive technical situation for EA government bonds in H2 2021, but choppier times to follow

Euro area treasurers have continued the brisk issuance activity in Q2 2021. After completing more than 30% of the estimated annual sovereign bond issuance in Q1, they have issued almost 60% of the annual volume at the end of Q2.

US job creation gathers speed, bottlenecks increase wage pressures

Employment grew strongly in June, but the data continue to highlight the bottlenecks which can add to wage pressures. Nonfarm payrolls grew by 850k after having expanded by 570k on average in the previous two months.

The Spotlight ǀ Generali Investments Podcast: A pivotal moment for Markets? Tapering is in sight

Our July Podcast Interview with Vincent Chaigneau, Head of Research at Generali Investments

China: Tackling the “Grey Rhinos”

China's economy has strongly recovered from its Covid-19 induced slump by -6.8% yoy in Q1 2020 to a plus of 18.3% yoy in the first quarter of this year. The rebound has enabled the government to withdraw some of its monetary and fiscal support.

Investment View Q3-2021 ǀ Unplug vs. unanchor

Peak growth, peak policy? Don’t exaggerate it. The global economy will still grow above-potential in the second half of the year. The Fed’s new AIT mandate lacks clarity, and re-interpretations will cause hiccups. But the policy unwind will be slow; so will be the transition from early- to mid-cycle. The rising stock-bond correlation is bad news for diversification: how to invest?

The Fed is more confident on the recovery and brings forward to 2023 the first hike

The Fed has grown more confident in the positive signals the economy is providing and in a surprising move, brough forward to 2023 the date of the lift-off and foreseeing two rate hikes in that year. This increased confidence was visible in the tone of the press release.

ECB holds a steady hand, no tapering yet

Tapering postponed: At today’s policy meeting the Governing Council decided to leave the policy stance unchanged. Most importantly, its stated that net PEPP purchases over the coming quarter will “continue to be conducted at a significantly higher pace than during the first months of the year”. This decision was taken based on a joint assessment of financing conditions and the inflation outlook.

Market Compass June 2021

Equity sector models and strategy: still OW on Value but turning more constructive on staples

In the last month, equities were able to advance further thanks to a lingering good macro momentum with central banks reassuring against a bold hawkish change in stance. Furthermore, vaccinations progressed well, and the activity reopening in the euro area (EA) continued.

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ECB greening of the credit market to start in 2022

Market Perspectives ǀ Overfretting about the triple peak

ECB sends a dovish message as new strategy increases threshold for raising rates

COVID-19 UPDATE Facts & Figures

The EC green deal proposal is a further step towards greening the EU economy

The BoJ introduced a first green funding for lending scheme

COVID-19 UPDATE Facts & Figures

Marktkompass Juli 2021

ECB’s new strategy: Symmetric, more complex, greener and better explained

China: U-turn of monetary policy ahead?

Market Compass July 2021

Supportive technical situation for EA government bonds in H2 2021, but choppier times to follow

US job creation gathers speed, bottlenecks increase wage pressures

The Spotlight ǀ Generali Investments Podcast: A pivotal moment for Markets? Tapering is in sight

China: Tackling the “Grey Rhinos”

Investment View Q3-2021 ǀ Unplug vs. unanchor

The Fed is more confident on the recovery and brings forward to 2023 the first hike

ECB holds a steady hand, no tapering yet

Market Compass June 2021

Equity sector models and strategy: still OW on Value but turning more constructive on staples