Content (303)

  • ESG Investing In Corporate Bonds - Mind The Gap

    White papers

    ESG Investing In Corporate Bonds: Mind The Gap

    2020-02-10T10:12:00Z

    This research is the companion study of three previous research projects conducted at Amundi that address the issue of socially responsible investing (SRI) in the stockmarket (Berg et al., 2014; Bennani et al., 2018a; Drei et al., 2019). The underlying idea of this new study is to explore the impact of ESG investing on asset pricing in the corporate bond market.

  • Virus Volatility Provides Entry Points For Em Equities

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    Focus On Fundamentals: Virus Volatility Provides Entry Points For EM Equities

    2020-01-30T10:35:00Z

    The coronavirus has been the strongest driver behind the recent volatility in financial markets, providing the trigger for a break in the rally in risk assets, which had been running uninterrupted since October.We should be aware that the trough for markets could be well in advance of the peak of the epidemic, as markets tend to overreact at the beginning of a crisis and then stabilise and rebound, despite the continuation of the negative news flow.

  • Fiat Money Vs. Cryptocurrencies : Private Vs. Public Digital Currencies…

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    Fiat Money Vs. Cryptocurrencies / Private Vs. Public Digital Currencies…

    2020-01-27T13:30:00Z

    The first part of this study analysed the competition between USD, RMB and EURO and presented the challenges for China and Europe to develop a genuine international currencies, having the capacity to compete with the USD. However, currency competition goes well beyond the “simple” competition between sovereign currencies (USD, EUR, RMB, JPY, CHF…).

  • Fx Wars Vs. Currency Wars : Usd Vs. Eur Vs. Rmb Vs.

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    FX wars vs. currency wars USD vs. EUR vs. RMB vs. …

    2020-01-27T13:12:00Z

    The USD is by far the most important international currency, although declining in recent years, especially as regard central banks’ FX reserves. New currencies have emerged (of which the RMB), central banks diversify their portfolios (especially in Asia), while some “old” currencies gain ground (the JPY and gold, to some extent). Moreover, even if two contenders exist at present (the euro and the RMB), the USD is the only currency to be considered as an international currency as regard all its characteristics: reserve currency, invoicing currency, vehicle currency, reference currency … 

  • The Green Swan - Central Banking And Financial Stability In The Age Of Climate Change

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    The Green Swan: Central Banking And Financial Stability In The Age Of Climate Change

    2020-01-23T12:00:00Z

    Climate change poses new challenges to central banks, regulators and supervisors. This book reviews ways of addressing these new risks within central banks’ financial stability mandate. However, integrating climate-related risk analysis into financial stability monitoring is particularly challenging because of the radical uncertainty associated with a physical, social and economic phenomenon that is constantly changing and involves complex dynamics and chain reactions.

  • Economic Resilience, Fed And Elections To Drive Us Markets In 2020

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    Economic Resilience, Fed And Elections To Drive Us Markets In 2020

    2020-01-17T11:51:00Z

    2019 proved a strong year for US assets, with US equity markets recording the strongest annual total return since 2013 and the US aggregate bond index up almost 9.0%. In addition, the past decade proved the best ever for the S&P 500 index, which returned 256% overall, well above its historical average. It was also the decade when US equities dominated other markets, with an outperformance of more than 90% versus the MSCI World index.

  • Europe At An Economic Policy Crossroads

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    Europe At An Economic Policy Crossroads

    2020-01-15T11:29:00Z

    On an international scale, Europe is struggling to establish itself, in particular against the two giants, the United States and China. The European Union (EU) must therefore be strengthened at all levels: political/ diplomatic, security/defence, financial architecture, development of high technologies, financing of the energy transition, etc.

  • ESG Investing In Recent Years - New Insights From Old Challenges

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    ESG Investing In Recent Years: New Insights From Old Challenges

    2020-01-13T16:39:00Z

    This research is an update of the study that we published last year (Bennani et al., 2018) and that explored the impact of ESG investing on asset pricing in the stock market. It extends the original period 2010-2017 by adding eighteen months from January 2018 to June 2019. 

  • Time For A Flight To Cyclical Value In European Equity

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    Time For A Flight To Cyclical Value In European Equity

    2020-01-08T16:17:00Z

    When we look fundamentally at the risks and rewards in equity markets for 2020, we find that value o ffers better opportunities than growth as implied expectations are lower and therefore more attractive for value at this point. The performance of value vs growth has been on a downward trend for a long time, almost 13 years. In our view, the rotation towards value that started in September 2019 is likely to continue in 2020.

  • Global Investment Views - January 2020

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    Global Investment Views - January 2020

    2019-12-30T16:55:00Z

    As we approach the year-end, a look back over the past 12 months reminds us how unconventional this year of records has been. On the upside, equities rallied to historical highs in December and fixed income returns were also strong as bond yields fell. The combination of these trends enabled a traditional 50 bond/50 equity balanced portfolio for European to investors generate 15.5%1, the best annual performance in the last two decades.

  • 2020 Outlook For The Us 10-Year Treasury Bond

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    2020 Outlook For The Us 10-Year Treasury Bond

    2019-12-17T16:02:00Z

    In 2019, 10-year US Treasury bonds traded in a range of 1.46-2.78%, the fourth-widest range since 2010.

  • Fixed Income - Back To Core - Charts And Views

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    Fixed Income: Back To Core - Charts And Views

    2019-12-16T15:50:00Z

    The ongoing slowdown in global trade will weaken global GDP growth further in 2020 – especially in advanced economies skewed towards the manufacturing sector – but a full-blown recession is unlikely, in our view. This situation will encourage policymakers to finally add fiscal stimulus to the policy mix, possibly extending the economic and credit cycles. Monetary policy is unlikely to become much more accommodative and market expectations will have to adjust, likely driving bond volatility higher with a possible bottoming out of core bond yields.