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MACRO & MARKET RESEARCH

Find here all the latest publications from our expert Macro & Market Research team:

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 markets.

The team translates macro and quant views into investment ideas that feed into the investment process.

MACRO VIEW VIDEO – 03 June 2020

 

with Vincent Chaigneau, Head of Research at Generali Insurance Asset Management

Market Perspectives and Investment View

A (temporary) Covid ‘leg down’
The rise in new Covid-19 cases and renewed lockdowns across Europe are casting long shadows over the economic recovery and markets. Yet much more targeted restrictions, a strong Chinese rebound and continued massive fiscal and monetary policy support will keep the second wave’s impact far more muted than in spring.
Cov-ideologies
After the rescue. As we enter the 20H2, Covid-19 is still lurking around, and influ-encing our social and economic behaviours. The number of new daily cases globally is at a new high. Partly, this reflects more intensive testing. The latter now captures a broader and younger population.
Economic Hardship vs. Policy Deluge
Defying the deepest global post-war recession, risk assets have continued to climb the wall of worries.
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Core Matters

Life after Covid: 5-year total return forecasts
The Global Covid Crisis (GCC) has had a profound impact not just on our lives but also the economy and financial markets. Even after those life-changing developments and sharp market movements, our 5-year total return forecasts have not changed dramatically. We reiterate the view that future returns will fall very short of historical ones, particularly those of the past ten years.
Life after Covid: 5-year total return forecasts
The Global Covid Crisis (GCC) has had a profound impact not just on our lives but also the economy and financial markets. Even after those life-changing developments and sharp market movements, our 5-year total return forecasts have not changed dramatically. We reiterate the view that future returns will fall very short of historical ones, particularly those of the past ten years.
Life after Covid:
The LDI view
In this paper our Research and Investment teams analyse “Life after Covid“, covering our view on the economic recovery, new behaviours in the aftermath of the pandemic and the unique opportunities for a European fiscal and political integration.
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Focal Points

Euro area inflation: recovering, not exploding
Inflation is back on the radar sceen. Following a decade of persistently low inflation in the advanced economies, markets have now started to flirt with the idea that the lowflation environment will be overcome.
Vaccines to trigger uneven recoveries from Covid
The Covid-19 pandemic keeps its tight grip on economic activity. After the arrival of vaccines in late 2020 had sparked increased optimism about the speed of the recovery, latest news has somewhat soured the mood.
State-aid framework under Covid: what impact on credit markets?
State-aid framework under Covid: what impact on credit markets?
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Market commentaries

COVID-19 FACTS & FIGURES
Israel’s plan to ship surplus vaccines to a group of allied nations was paused following a legal challenge to the deal. German Chancellor Angela Merkel has said the EU must prepare to vaccinate for new variants over the coming years. The US FDA said Johnson & Johnson’s single-shot covid-19 vaccine appeared to be safe and effective in trials.
EM EUR bonds offering an attractive pickup
EM USD bonds total return has been hit by the increase of long-term US rates while EM EUR bonds have proved to be more resilient since the last summer rally. The recent rapid rise of the long-term US rates is raising the question of the EM USD bonds' attractiveness.
COVID-19 FACTS & FIGURES ǀ Focus: Covid-19 Mutations
As for all viruses, the Sars-CoV-2 (Covid-19) is naturally mutating over time. The majority of mutations are temporary and will have little impact, but sometimes a virus mutates in a way that helps it survive and reproduce. This is what happened with the variants discovered in the UK, in South Africa and in Brazil.
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Market Compass

Market Compass November 2020
Edited by the Macro & Market Research Team. The 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 Compass June 2020
Edited by the Macro & Market Research Team. The 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.
Marktkompass April 2020
Herausgegeben vom Macro & Market Research Team. Ein Team von 13 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.
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Macro view videos and podcasts

The Spotlight - Generali Investments Podcast
Q4 Investments View | The New Age Of Financial Repression
Listen to the dedicated Podcast by Vincent Chaigneau, Head of Research, on the executive summary of the latest Investment View Report released by our Research team.
Generali Investments among preferred asset managers brands in Europe
Listen to the dedicated Podcast by Vincent Chaigneau, Head of Research, on our view on the economic recovery, new behaviours in the aftermath of the pandemic and the unique opportunities for a European fiscal and political integration.
Podcast:
Life after Covid – The LDI view
Listen to the dedicated Podcast by Vincent Chaigneau, Head of Research, on our view on the economic recovery, new behaviours in the aftermath of the pandemic and the unique opportunities for a European fiscal and political integration.
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