Amundi Asset Management

2018 Top 400 ranking: 9http://www.amundi.com

Request More Information

Amundi

Global Investment Views: December 2018

This year has proven to be challenging for portfolio construction, as well as regarding returns. To put this into perspective, for 2009-17, our analysis shows that each year, on average, 76% of major asset classes (including different regional government bonds, equity, inflation-linked, currency and commodities) recorded positive performances. 

In 2018, the story has changed: we are heading towards an unprecedented year in which less than 20%of asset classes have been in positive territory*. Markets have started to price in a slowdown in global growth and tighter liquidity conditions, in a more complex than expected political environment (trade tariffs and populism). Vulnerabilities in the more stretched areas of the market (growth stocks in equities and credit markets) and idiosyncratic stories (Argentina, Turkey, Italy) are the main consequences of this new narrative.

Moving into 2019, Central Bank policy will be crucial again with regard to determining market sentiment. Given a potential slowdown in growth and weak financial conditions, a Fed shying away from further tightening would give new oxygen to the markets. Also, the ECB will likely be increasingly uncomfortable with raising rates in such a scenario. In the meantime, the risk of policy mistakes will remain high: How far can Trump trade policy go? What could the implications for input prices and corporate margins be? Can China growth hold on? These are all elements that could fuel volatility, but also lead to an opening up of opportunities in the market.

Read the complete white paper at the link beneath Related Links

Head Office
90, boulevard Pasteur
Paris
75015
France
Company website:
http://www.amundi.com
Year Founded:
2010
No. of investment offices worldwide:
6

Browse this manager's…

What’s new

  • outlook 2019

    Cross Asset Investment Strategy Special Edition: Outlook 2019

    White papersThu, 6 Dec 2018

    With late cycle features continuing to materialise and a higher level of vulnerability developing due to the uncertain geopolitical backdrop, 2019 will require investors to embrace a more prudent approach, despite the benign global economic outlook. 

  • global investment views december 2018

    Global Investment Views: December 2018

    White papersWed, 28 Nov 2018

    This year has proven to be challenging for portfolio construction, as well as regarding returns. To put this into perspective, for 2009-17, our analysis shows that each year, on average, 76% of major asset classes (including different regional government bonds, equity, inflation-linked, currency and commodities) recorded positive performances. 

  • global trade war

    Global Trade War: Where Do we Stand Now? What Impacts?

    White papersWed, 28 Nov 2018

    A few days before the important meeting between U.S. President Donald Trump and Chinese leader Xi Jinping, it is important to have a clear view on the trade dispute between the two countries and on the potential impacts of a trade war.

  • brexit

    Brexit: Where do we stand and what should investors expect?

    White papersMon, 26 Nov 2018

    Where we stand and possible scenarios ahead: After the EU approval of Brexit deal, we are going to pass through some tough times until the UK parliamentary vote on Brexit Withdrawal Agreement in December. 

  • italy moves towards an excessive deficit procedure

    Italy moves towards an Excessive Deficit Procedure, but a change of attitude is in the air

    White papersMon, 26 Nov 2018

    This large and unprecedented deliberate breach of the so-called “preventive arm” measures therefore calls for moving Italy into the “corrective arm” of the Stability and Growth Pact. 

Search all our content