Valuations are now a little more attractive. However, the environment remains challenging, particularly in Europe. We remain cautious and more constructive on US credit markets relative to euro markets.
With the war in Ukraine, the global economy is facing a double shock: rising energy and food costs, and a financial market shock. It is difficult today to quantify the impact of the war in Ukraine on the global economy. Forecasts remain subject to an extremely high level of uncertainty. The Russian-Ukrainian conflict and the accompanying sanctions imply an economic scenario with less growth and more inflation. The effects of slowing growth and accelerating inflation will affect Europe more than the United States. We have revised our growth prospects sharply downwards in the Eurozone to 2% on annual average. US economic activity is being little impacted by this war.
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