Investment Phazer
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Monthly Cross Asset 2.12.2022 Defensive asset allocation extends into 2023, with a gradual increase in risk exposure later in the year

The economic backdrop foreseen for the next 12 months suggests that the ongoing correction will continue through the first half of 2023, featuring a profits recession and still elevated (albeit moderating) inflation.

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Monthly Cross Asset 5.05.2022 Q2 2022: A late cycle with a greater focus on inflation

The shift to an inflationary late cycle has been confirmed with greater conviction and a focus on higher inflation (and rates). Economic momentum is still decelerating at a global level but with tentative signs of stabilisation.

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Research Center - Q3 2021: From a recovery phase to an inflationary late cycle
Monthly Cross Asset 2.11.2021 Q3 2021: From a recovery phase to an inflationary late cycle

A second derivative stagflationary environment of decelerating growth amid sustained inflationary pressures. The fiscal lever continues to play a pivotal role.

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Monthly Cross Asset 5.05.2021 2021 Recovery to continue and beat potential

Goldilocks continues to allow a tempered risk on positioning. Longer term, growth will likely revert to potential amid a normalised inflation rate (at least in the US).

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Monthly Cross Asset 2.10.2020 Contraction > recovery > late cycle: the cycle round trip is confirmed Advanced Investment Phazer: top-down assessment
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Contraction > recovery > late cycle: the cycle round trip is confirmed Advanced Investment Phazer: top-down assessment

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Monthly Cross Asset 6.02.2020 Cross Asset Investment Strategy - February 2020

Find the latest edition of our Research team's monthly publication.

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Monthly Cross Asset 5.02.2020 Investment Phazer Update: downward trend is confirmed
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While in the short term we do expect some temporary relief coming from positive economic surprises and supportive news on the trade front (should coronavirus impact be limited), on a medium-term horizon our economic scenario confirms the fragility of the profit cycle.

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