the articles & research center news
Amundi’s Quantitative Research team has been studying the evolution of ESG investing across asset classes and geographies for the past several years. With the coronavirus pandemic, we have carefully examined these Responsible Investing trends and have identified some interesting findings
Takaya SEKINE, Fréderic LEPETIT
At -12% for the S&P 500 in the US and -35% for the Stoxx 600 in Europe, first-quarter results were hit hard by the pandemic, even though it had hardly begun by the end of the quarter. It is therefore a safe bet that results will be even worse in the second quarter but also that they will bottom out for the year. Even so, the consensus still looks far off the mark for both second-quarter results and for 2020-2021. Consequently, the positive impact from reopening the economy already appears to be priced in by far.
As part of their toolkit to support the economic recovery during the Covid-19 crisis, central banks could implement yield-curve control. Although appealing, the implementation and exit risks of such a policy counterbalance the benefits, particularly in the Eurozone. Moreover, the impact on financial markets could be significant since chained risk-free assets could temporarily leave risky assets unsettled.
Pierre BLANCHET, Didier BOROWSKI, Paresh UPADHYAYA, Annalisa USARDI
For several years now we have argued that the social theme, and in particular the issue of social inequality, was becoming a major issue for various global economies and for investors, both institutional and retail.
Jean-Jacques BARBERIS, Bastien DRUT, Théophile POUGET-ABADIE