• This Month’s Topic
    • EN
    • FR
    • Monthly Cross Asset
    • EN
    • FR
2.10.2020 15

Contraction > recovery > late cycle: the cycle round trip is confirmed Advanced Investment Phazer: top-down assessment

Published October 2, 2020

5 to 10 minutes

5 to 10 minutes


  • Economic and corporate-profit recoveries continue along a gradual, upward-sloping catch-up process, where growth speed and composition will be key to landing in a “recovery financial regime” towards year’s end.
  • Transition to the new financial regime will continue amid a sequel of relapses in the real economy, where policy boosters will prove critical, moving the needle between base and risk scenario.
  • Over the next three to six months, while keeping the risk budget unchanged, progressively rotate risk from US HY into deep value/cyclical equities. Global IG remains supported by central banks’ purchasing programs and offer palatable yields. Lastly, expansive monetary policies and safe haven nature will support gold.


To find out more, download the full article

Our online help service is available to answer your question

My personal information

If you have a question about our company or one of our products, please complete the form to get in touch. Please do not mention your account numbers or critical data in this form.


(*) Required fields
All our job offers (Permanent and temporary position, Internship, Apprenticeship or VIE) are available on our dedicated website: https://jobs.amundi.com.

Register and apply directly online.

Amundi on Twitter