Amundi Asset Management

2017 Top 400 Ranking: 11

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Our Convictions: June 2017

What’s new in recent weeks?

The lull has continued over the last few weeks, with virtually all political risks disappearing in Europe and encouraging and even reassuring economic indicators in all countries.

Confidence surveys and economic indicators continue to show continued global growth, which is still driven by domestic demand. In the United States, with GDP estimates showing a net rebound in the second quarter: after a relatively weak first quarter (which was revised upwards from 0.9% to 1.2%), growth is gaining ground. According to estimates, annualised GDP growth rates should be between 2.2% (New York Fed) and 3.7% (Atlanta Fed) in Q2. At the same time, the unemployment rate reached a 10-year low (4.4% versus a long-term unemployment estimated at 4.7% by the Fed). As inflation also drops (1.9% for core inflation), this is not a concern for the financial markets. Same sentiment on growth in Europe with more good messages coming from the investment.

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90, boulevard Pasteur
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What’s new

  • italy on watch list

    Italy on watch list

    White papersTue, 15 May 2018

    Political uncertainty in Italy remains high. The probability of a Government formed between the 5Star Movement (M5S) and the League (the most voted party in the centre right coalition) has increased in recent days, but the process of government formation is not straightforward. 

  • the landscape of the fixed income market

    Cross road: the landscape of the fixed-income market

    White papersWed, 9 May 2018

    Two events pushed down Eurozone sovereign spreads in 2017: the French presidential election in April & May, which dissipated investors’ fears about  Eurosceptic movements, and the announcement on 26 October of a smaller-than-expected reduction in ECB’s QE for 2018 (monthly purchases lowered from € 60 bn to €30bn). 

  • rethinking fixed income investing when the easy money is coming to an end

    Rethinking fixed income investing when the easy money is coming to an end

    White papersWed, 9 May 2018

    Core fixed income allocation, usually comprising high-quality government and corporate bonds, has played a relevant role in diversified portfolios over the last few decades. 

  • fed vs. ecb

    Fed vs. ECB. Towards a stronger decoupling of monetary policies?

    White papersWed, 9 May 2018

    US and European economies both continue to expand but at different paces. While US growth will likely pick up this year, boosted by an expansionist fiscal policy, the Eurozone cycle probably peaked last year. 

  • cross asset investment strategy may 2018

    Cross Asset Investment Strategy: May 2018

    White papersMon, 7 May 2018

    While in 2017 financial markets largely ignored geopolitical risks, as they were more inclined to read the Goldilocks narrative, this mood now appears to be changing. 

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