/ Research Center

01.12.2020 - Monthly Cross Asset

Q3 2020 reporting season surprised on the positive side

Q4 visibility has shrunk as new lockdown put at risk the recovery. EPS rebound should resume in 2021 given the base effect, the ramp-up of stimulus and a potential easing of containment measures alongside the progress made to curb the pandemic.

Debora DELBÓ

Global EM Senior Strategist

16.11.2020 - Discussion Paper

Europe, US and China tomorrow: Will it be possible to avoid geopolitical and economic traps?

There are many pitfalls looming. Some concern China, the United States and Europe, while others are more targeted, notably on China or on the relationship between China and the United States. Some traps concern geopolitics (the Thucydides trap, the Kindleberger trap, the Herodotus trap, the Tacitus trap, the Chamberlain - Daladier trap and the cold war trap), while others deal with purely economic issues (the middle-income trap, the inflation trap, the stagflation trap and the debt trap).

Philippe ITHURBIDE

Senior Economic Advisor

04.11.2020 - Monthly Cross Asset

HY default cycle and rating changes: how it is “different” this time

Despite a severe macro contraction, policy reaction to the covid-crisis limited most of corporates’ rating migration and HY defaults to low-rated debt. This piece outlines our expectations on both rating and default cycles to come.

Sergio BERTONCINI, Mickael BELLAÏCHE

02.10.2020 - Monthly Cross Asset

You asked, we answer

Our Global Views team attempts to answer some of the questions often asked by our clients.

Didier BOROWSKI, Pierre BLANCHET, Tristan PERRIER

04.09.2020 - Podcast

Blue Convictions - Global Investment Views : A note of caution for the back-to-school season

The summer season has seen both the confirmation of existing themes and the emergence of new ones wich will likely drive economic and market trends in the coming months. On one hand, the decoupling between the real economy and financial markets has proved persistent but on the other hand as the holiday season going on the way the rising level of Covid-19 infections across Europe and in part of the US confirm that the pandemic is still not yet over. Monica Defend, Global Head of Research discuss the overall economic recovery and share Amundi main areas of convictions.

03.09.2020 - Monthly Cross Asset

An earnings season better than expected but the valuation issue has not yet been resolved…

There was a substantial decline in Q2 earnings but they turned out to be better than expected; their decline being ultimately less pronounced than during the Great Financial Crisis (GFC) of 2008-2009, whereas the current recession is much more severe. This surprising resilience is due in large part to sector aspects. Financial stocks have generally proved more resilient than during the GFC. Furthermore, the Healthcare and Technology sectors have emerged remarkably unscathed. The other side of the coin is that, without these last two sectors, the decline in earnings would have been much more pronounced. Given the revisions made and the achievements in H1, barring a new general lockdown episode, most of the consensus adjustment seems to be behind us. However, the valuation debate - excessive or not - is still far from being resolved. The duration of the crisis will be the key parameter in responding to this question.

Ibra WANE

Senior Equity Strategist

03.09.2020 - Monthly Cross Asset

Back to school, back to politics?

The macro-economic backdrop has improved, albeit at a slower pace more recently. The European response to the crisis has further strengthened investor sentiment. However, the political picture has changed over the summer in the US and deteriorated in emerging markets.

Didier BOROWSKI, Pierre BLANCHET

22.07.2020 - Investment Talks

EU agreement: a powerful answer that can lift further EU assets and ESG investing

The agreement reached among EU leaders at the end of the longest European Council in history to mobile a comprehensive package of €1 824 bn – including the Multiannual Financial Framework (MFF) and the Next Generation EU (NGEU) instrument –is a significant achievement and a net positive in the short term for EU assets.

Didier BOROWSKI, Eric BRARD, Kasper ELMGREEN, Alban DE FAY, Isabelle VIC-PHILIPPE

15.07.2020 - Investment Talks

Why USD Fixed Income may look increasingly attractive to European investors

US fixed income can be a valuable source of diversification for European investors, but in the past the cost of hedging of the US Dollar exposure was high, neutralizing this benefit. The situation has changed, and the cost of hedging for Euro-based investors is much lower than in the recent past. Furthermore, we expect this cost will remain low.

Kevin CHOY, Christine TODD, Paresh UPADHYAYA

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