Amundi Asset Management

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Rocky Road For The European Union: Pension Plans' Response

Cyclical recovery or secular healing?

That’s the big question behind the European Union’s economic bounce after its ‘lost decade’: the toughest period since its inception in 1957.

Last year, its economy finally joined the growth party as part of the most synchronised global expansion since the 2008 financial crisis. It lifted the spectre of secular stagnation, manifested by spiralling debt, runaway deficits, ageing demographics, rising unemployment and anaemic growth.

The 2016 Brexit result was a vote of no confidence on the part of one nation’s citizens. Such an anti-globalisation backlash has been vivid in other member states too; as is the distrust of politicians and political institutions.

Anti-migration sentiment has been all too virulent – as shown by the latest election results in some member states.

However, with the recent economic revival, there is some anticipation that the EU’s political and business leaders will take action to create fresh dynamism to improve business competitiveness and citizens’ wellbeing.

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  • 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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