Market Compass
JUNE 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.

Highlights

  • Despite the deepest global post-war recession, risk assets have continued to gain.
  • Flattening new cases in advanced economies and the continued policy support will help to keep sentiment strong.
  • The further upside is limited though, with US equities back to autumn 2019 levels. Key risks are a second wave of infections and the fast deterioration in US/China relations.
  • We stick to a pro-risk tilt concentrated in the higher quality buckets of risk assets. Keep a small long duration bias given the sluggish recovery, low inflation and continued central bank activism.
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