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Cross Asset Investment Strategy - June 2017

ASSET ALLOCATION

 

 

 

2017-06-couv

 

Our convictions

 

This month’s topic: Can global trade become an engine of growth with consumption, investment and fiscal and tax policies?

Can global trade, which has declined sharply over the past decade, contribute to accelerating growth with consumption, investment and fiscal and tax policies? Not sure, given the structural headwinds.

 

Summary tables

Risk Factors

Macroeconomic picture

Macroeconomic and financial forecasts

EXECUTIVE SUMMARY

United States

The position of the United States in the credit cycle calls for caution

 

Focus: The credit conditions survey of top US banks conducted by the Fed (Senior Loan Officer Opinion Survey) reveals a less optimistic scenario

 

Are US Corporations at risk ? Where do we stand in the US credit cycle?

 

Focus: Spending in this cycle has been driven by M&A and share buybacks

Focus: Credit cycle

 

 

Monetary Policy

How the Bank of England sees the Brexit

 

Focus: Early elections on 8 June

 

Emerging Markets

Rally on emerging assets and decrease in commodity prices: a cause for concern?

 

China

China: is financial deleveraging a concern for investors?

 

Equity Markets

Lessons learned from the Q1 2017 earnings season

 

Sectorial Highlight

Biosimilars - Now a reality even for complex biologics

Amundi Research

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Cross Asset Investment Strategy - June 2017
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