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Investment Talks - Late cycle features at play: more pain, but not the end of the game

United Kingdom,

  • Market sell-off: a late cycle feature where uncertainty due to tariffs, rates and oil prices are sending some red signals. Autumn comes with a change of mood in the market triggered by rising US Treasury yields, amid a hawkish FED committed to avoid any sign of overheating, and uncertainty surrounding the upcoming earnings season. All elements that will keep volatility on the rise over the next weeks.
  • Not a scary movie, but be ready for more pain. Yet, we see this as a market correction, rather than the start of a prolonged bear market. We expect some a further down trend also due to the technical reallocation of market risks. Growth areas of equity markets and high leveraged areas of the credit markets with tight valuations are the most vulnerable places at the moment.
  • How to face this environment: add duration in US debt, stay diversified in terms of risks, focus on quality and liquidity in credit, go for value (use available liquidity to buy the most discounted names) and stay out of stretched growth areas.

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Amundi, the leading European asset manager, ranking among the top 10 global players[1], offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets.

With its six international investment hubs[2], financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 4,800 employees in more than 35 countries. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €1.750 trillion of assets[3].

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Footnotes

 

  1. Source: IPE “Top 500 Asset Managers” published in June 2020, based on assets under management as at 31/12/2019
  2. Boston, Dublin, London, Milan, Paris and Tokyo
  3. Amundi data as of 31/03/2021

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