Fostering positive change through investments: Generali leverages its role as a key global institutional investor and asset manager to apply strict ESG (Environmental, Social and Governance) criteria to the Group’s investments.
India reported a new record in daily cases with more than 400,000 new infections. The US has backed a proposal that would temporarily lift intellectual property rights for Covid-19 vaccines. The WHO said Sinovac Biotech’s vaccine is effective in adults under 60 but some quality data on the risk of serious adverse effects is still lacking.
The Fed sees an improved outlook but does not change course
The April meeting had few surprises. The Fed marked to market its view of the economy in line with better data on vaccination and activity. The evolution remains in line with its forecast and therefore does not require any policy changes, as widely expected.
Generali Investments Partners: Almudena Mendaza Sanz appointed Head of Sales Iberia
Milan – Generali Investments Partners S.p.A. Società di gestione del risparmio (GIP)
announces the appointment of Almudena Mendaza Sanz as new Head of Sales
Iberia. In this new role Almudena will be responsible for expanding Generali
Investments’ distribution capabilities in the Iberian market, contributing to the
enhancement of Generali multi-boutique strategy in Spain and Portugal.
Equity sector models and strategy: “milder” rotation phase two. OW Value and Cyclicals
At the end of 2019 we introduced our proprietary equity valuation tool “Quant signals for EU equity sectors and styles” to yield indications of over- or undervaluation for different sectors and styles of European equities. The regression-based models use macro- and financial variables to produce fair value estimates of the ratio between the MSCI Europe Sector/Style index and the broad MSCI Europe index.
An unsurprising wait-and-see message: At today’s policy meeting the Governing Council did not adjust its policy tools and adopted a wait-and-see stance. The April meeting thereby merely bridges the time until the June 10 meeting, At that time the update of the growth and inflation outlook, and other factors, might induce the ECB to become clearer about the exit from the extraordinary Covid-19 measures.
China’s Q1 GDP growth: Strong year-on-year growth amid weak momentum
This morning, China’s statistical office published its Q1 2021 GDP growth estimate alongside with other monthly real activity data for March. GDP growth accelerated from 6.5% yoy in the final quarter of last year to 18.3% yoy.
The spike in long-term interest rates has been to a large extent driven by fears that the combination of a large fiscal US stimulus and ongoing money printing will trigger a permanent increase in inflation.
The Topix had a strong start into the year, outperforming both the S&P500 and the MSCI EMU. Since March 17th this strong performance slowed down, in part due to a pause in the rotation into Value and Cyclicals which had negative spillovers into Topix.