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Cross Asset Investment Strategy - May 2017

ASSET ALLOCATION

 

 

 

2017-05-couv

 

Our convictions

 

This month’s topic: French presidential elections: perspectives and stakes

The purpose of this article is to present the state of affairs on the polls, the priorities of the French and to recall the program of the two candidates as well as the major issues: to obtain a parliamentary majority for E. Macron, to obtain a parliamentary majority and to clarify her position on Europe for Marine Le Pen.

 

Summary tables

Risk Factors

Macroeconomic picture

Macroeconomic and financial forecasts

EXECUTIVE SUMMARY

Fixed Income

What is the outlook for eurozone sovereign spreads?

 

Corporate Bonds

Euro HY: an essential asset class in a low-rate environment

 

Focus: The ECB is a major player in the euro corporate debt market

Focus: HY market structure is more defensive in Europe than in the US

 

Alternative Risk Premia

What do we know?

 

China

Does the mounting corporate debt in China signal a future crisis?

 

Is the China-led upturn cycle peaking out?

Equity Markets

In the United States, the equity/bond ratio is at its highest since 2000: what does this imply?

Turkey

Turkey: likely to face continued headwinds

Sectorial Highlight

Benefits to the reflation trade for European banks are broader than investors think

Research Team

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Cross Asset Investment Strategy - May 2017
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