- The surge in government and corporate debt will make its sustainability akey priority: financial repression, by means of extra low interest rates, isset to reach a whole new level.
- Investors will need to navigate many icebergs this autumn: Coviduncertainties, a hard (or semi-hard) Brexit, the US elections. So ourpositive risk bias is cautious.
- Looking beyond the Covid crisis, the economic recovery is set to continue, and supports more cyclical assets, like emerging currencies and equities.
- Our largest overweight remains in Credit, where we recommend to godown the rating scale but not too much (BB).