Amundi Asset Management

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

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Amundi

Italian budget proposal under scrutiny

• The key points of the budget law. The Italian Government negatively surprised the markets by announcing a substantially increased budget deficit target for 2019-2021 to 2.4% in a move that could undermine the potential to reduce the Italian debt burden (130% of GDP) in the coming years.

• Market reactions: The Italian move has triggered a selloff on Italian assets (bonds, equities and banking sector in particular). Uncertainty will remain high with debt sustainability under scrutiny by markets and rating agencies expected to reassess the country rating by end of October. A downgrade is now more likely.

• Our view: On Italian debt we have a neutral view and will continue to monitor the details of the budget law and developments in the economic outlook. We stay cautious on Italian equity where we focus on less leveraged companies. Short-term volatility could impact European equity, but we are more constructive on mid-term outlook.

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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

  • Global Investment Views - September 2019

    Global Investment Views - September 2019

    White papersWed, 4 Sep 2019

    Financial markets have been rattled in the past weeks over escalating trade war between the US and China as both imposed tariffs and counter-tariffs on imports. Idiosyncratic risks stories in countries such as Argentina resurfaced, the UK’s parliament was suspended over Brexit chaos and Italy witnessed a political crisis of its own, although a government seems in sight now. 

  • domestic focus to exploit emerging markets equity opportunities

    Domestic focus to exploit Emerging Markets equity opportunities

    White papersSun, 1 Sep 2019

    The emerging markets (EM) universe has experienced significant changes in the last decade with the further addition of investible countries (i.e. China A shares in 2018).

  • Fed And Ecb, Bridging From A “Mid-Cycle Adjustment” To An “Impactful And Significant” Package.

    White papersTue, 27 Aug 2019

    The minutes from the latest ECB meeting suggest that the ECB is likely to proceed with a full set of measures in September, confirming not only the indications from President Draghi following the meeting but also the very latest statements by Olly Rehn, calling for the need for an “impactful and significant” package.

  • italian politics take centre stage

    Italian politics take centre stage

    White papersFri, 23 Aug 2019

    The Deputy PM Matteo Salvini recently withdrew his party’s support to the coalition government headed by PM Giuseppe Conte, calling for a vote of no-confidence against the PM and subsequent snap elections.  On the 20th of August, after addressing the Senate, PM Conte resigned. President Sergio Mattarella will now weigh three options – consult political parties to form a new government (with the same forces of the current coalition or new ones), appoint a caretaker government or call ...

  • argentina how recent events shape the investment outlook

    Argentina: how recent events shape the investment outlook

    White papersFri, 23 Aug 2019

    Recent update on Argentina: Government’s decision to freeze energy prices and suspend VAT on certain products will complicate fiscal metrics. The country is likely to miss the IMF target of a primary balance for 2019. However, the IMF could disburse the September tranche of financial assistance, although conviction levels are low.

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