the articles & research center news
As the Q420 is now closed, we confirm the “financial recovery regime” as our central scenario for 2021 with a higher conviction than in Q320. We expect better corporate fundamentals at a global level going forward. The rebound of EPS growth will eventually validate current asset price levels in the context of low interest rates. This explains our cautious optimism for the coming quarters. We have also analysed the sustainability of the ongoing risk rotation from Credit HY to value/cyclical equities. We confirm our constructive medium-term view with a continuation and maturing of the financial recovery regime.
Global Head of Research
2020 has been an unprecedented year in modern history, with the Covid-19 pandemic leading to the deepest global recession post World War II that has affected the most countries simultaneously since the 1870s (World Bank). This big shock is not going to reverse completely, and the old normal will not return as it used to be.
Pascal BLANQUE, Vincent MORTIER