The Spotlight - Generali Investments Podcast

Q4 Investments View | The New Age of Financial Repression

Listen to the Podcast by Vincent Chaigneau, Head of Research at Generali Insurance Asset Management S.p.A. Società di gestione del risparmio

In this podcast Vincent Chaigneau, Head of Research at Generali Investments, provides an executive summary of the latest Investment View Report released by our Research team. In particular, he focuses on the signs of fatigue showed in September by the stock market rally and the possible clouds mounting on markets by the Autumn due to a resumption of the Covid pandemic, the Brexit deal, the US elections’ related risks and positions’ concentration. Finally he shares his recommendations in terms of asset allocation looking beyond the Covid crisis.

Vincent Chaigneau
Vincent Chaigneau

Head of Research

Vincent Chaigneau ist seit August 2017 der Head of Research und Head of Group Investment Strategy von Generali Investments. In seiner jetzigen Funktion hat er die Leitung über eine Abteilung, die momentan aus 25 Volkswirten, Strategen und Bond- und Aktienanalysten besteht und in Paris, Köln, Triest und Mailand vertreten ist.

Bevor er zur Generali Investments kam, war Vincent Chaigneau für Société Générale Corporate & Investment Banking tätig, für die er 24 Jahre in Paris, New York und London arbeitete. Zuletzt hatte er die Funktion des Co-Head of Fixed Income Research und des Head of Rates & Fixed Income Strategy inne.

Vincent Chaigneau ist französischer Staatsbürger. Er hat ein Master Degree in International Economics and Finance und ein Postgraduate Degree in Economics and Finance von der University of Bordeaux.

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US: Fiscal stimulus to boost GDP growth to 5.5% in 2021
The thin majority in the Senate will allow the incoming administration to deliver quickly a sizeable fiscal stimulus. We expect a package worth around US$ 800bn (on top of the US$ 900bn already agreed on in December), centred on the strengthening of direct income support to households, extended unemployment benefit and aid to local governments.
Last minute Brexit deal merely avoids the worst
A last-minute deal avoids falling back to WTO rules: After intense and painful negotiations, the UK and the EU finally agreed on Christmas eve on a Trade and Cooperation agreement. This prevented both sides to fallback to WTO rules.
2021 will see a ‘repair’ of the deep Covid-19 damages, with the economy set to rebound strongly as society normalises into summer. But there is much to despair about. Potential growth will be lower out of this crisis. Employment will recover more slowly and Covid has fanned inequalities. Investors can also lament about the fall of future investment returns.