Amundi Asset Management

2018 Top 400 ranking: 9

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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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  • morocco

    Morocco: moderate economic risks

    White papersThu, 15 Nov 2018

    Growth is expected to slow down compared to 2017 but should stabilise at around 3% this year and in 2019. 

  • what lies ahead for the us economy and markets

    What lies ahead for the US economy and markets?

    White papersWed, 14 Nov 2018

    The robust performance of the US economy in 2018 has led to the supremacy of US risk assets compared to the rest of the world. Moving towards the end of the year and into 2019, global investors have started to raise questions about whether the US economy and business sector will continue to shine, how inflation will evolve, and which direction the Federal Reserve will take going forward.

  • us midterm election

    US Midterm election: A divided Congress opens two possible scenarios

    White papersWed, 7 Nov 2018

    Key takeaway: In the midterm election Democrats win the House and the GOP (Grand Old Party) strengthens its position in the Senate.

  • asset class return forecasts

    Asset Class Return Forecasts: Q4 2018

    White papersTue, 6 Nov 2018

    We stick to the view that 2018 will be the peak of the global economic cycle. 2019 will most likely be a year of deceleration albeit with still above trend growth, before a further slowdown of growth towards potential in 2020. 

  • central european countries outlook to 2020

    Central European countries: Outlook to 2020

    White papersTue, 6 Nov 2018

    Global growth resynchronised in 2017. In this particularly bullish environment, Central European countries “outperformed” with growth rates of between 4% and 6%. 

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