CROSS ASSET INVESTMENT STRATEGY - June 2023 - Special mid-year outlook edition

2023/06/23 掖 Amundi

クロスアセット・インベストメント・ストラテジー6月　2023年中期アウトルック特別号を発行しました。

This is a special mid-year outlook edition, featuring our key views as we enter the second half of the year, both from our CIOs and investment platforms and from Amundi Institute. In this edition you will find:

Key convictions for H2 2023:

• Key CIO convictions for H2 2023.
• Infographic – Investment themes for H2 2023.
• Uncertain growth path calls for allocation to remain defensive.
• Infographic – Dynamic asset allocation.
• Scenarios and risks to central scenario.

Global themes:

• Central banks remain credible regarding inflation.
• Infographic – Macro fragilities and market vulnerabilities.
• Asia to attract foreign flows.
• US-China relations and Russia-Ukraine war to dominate H2.
• Fiscal policy will weigh on GDP growth in the EU.

Investment convictions:

• Amundi asset class views.
• DM equity: focus on quality, entry points in the case of correction.
• DM fixed income: stay with quality credit and core govies.
• EM assets favoured due to tamer inflation and earnings recovery.
• Oil to firm on evidence of tightness.
• Another cyclical test for the dollar’s hegemony.
• Alpha makes up for poor market conditions.
• Private markets: look for resilient assets.
• Main themes in Net Zero investing.

Macroeconomic and financial market forecasts