Amundi Asset Management

2019 Top 400 ranking: 9http://www.amundi.com

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Amundi

Global Investment Views: September 2018

The year began with a synchronised global recovery as most economies benefited from a buoyant environment. The risk of inflation and CB mistakes dominated investors’ fears. 

Since the spring, clouds have accumulated globally. The second half began under less happy auspices than the first, with a less buoyant economic climate and many risk hotspots. On the one hand, growth in the Eurozone was weaker than expected in H1 (after a strong second half of 2017). On the other hand, large EM have seen their macrofinancial situation deteriorate with the USD appreciation, which puts countries where private sector debt is denominated in USD into strong difficulty. For example, Argentina and Turkey are in crisis today. These are idiosyncratic shocks that in theory, should not spread. However, many EM were distrusted by investors during the summer. In addition, Donald Trump’s protectionist threats have multiplied. The proximity of the mid-term elections (6 November) is encouraging him to implement his promises of the presidential campaign on trade. Europe has been relatively spared for the moment, but in view of Donald Trump’s recent statements, one cannot rule out taxation on auto imports. That said, for now, China remains the subject of the most aggressive protectionist measures.

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

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What’s new

  • Cross Asset Investment Strategy - June 2019

    Cross Asset Investment Strategy - June 2019

    White papersFri, 7 Jun 2019

    After weeks of relative stability, the threat of a trade war has returned, shaking investor confidence and awakening markets from complacency. However, while there is still a significant optimism in the market that a deal can be struck, we believe that the risk of disappointment leading to another wave of volatility remains significant.

  • The 2020 US Presidential Election: Another Close Race?

    White papersThu, 6 Jun 2019

    President Donald Trump’s performance on the US economy gives him a significant advantage over his Democratic rivals heading into the 2020 election. However, Trump has consistently polled poorly with voters on character issues including leadership, temperament and management skills. The potential fallout from the Mueller report and ongoing House investigations remain wildcards. The 2020 election could be another close call, possibly a 50-50 tossup at this stage ...

  • Indian elections: political continuity is positive but reform is what matters most

    Indian elections: political continuity is positive but reform is what matters most

    White papersWed, 29 May 2019

    Prime Minister Modi led the NDA to a sweeping victory, with a full majority in Parliament and therefore significant political capital. There was some apprehension in the market ahead of the election and a clear majority will certainly soothe nerves.

  • European elections: not a game changer, opportunities from divergences

    European elections: not a game changer, opportunities from divergences

    White papersTue, 28 May 2019

    The results are broadly in line with what opinion polls had indicated, although with a slight “pro-institution” surprise. Key takeaways are, first, a decline in the votes for the two large political groups which are the social-democrats and the Christian-democrats or moderate right; these two parties had, since 1979, commanded a combined majority in the European Parliament, and this is now over.

  • High Yield: Oasis In Search For Yield?

    High Yield: Oasis In Search For Yield?

    White papersThu, 23 May 2019

    Since early 2016, US HY default rates have experienced a sort of “mini –cycle”, peaking at the end of 2016. Nevertheless, the recent rise and fall movements appear mostly commodity driven: default rates would have remained fairly stable if energy and material sectors were excluded from calculations.

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