Market Perspectives | Covid paralysis
recedes as political risk rises

Listen to the Podcast by Vincent Chaigneau, Head of Research at Generali Insurance Asset Management S.p.A. Società di gestione del risparmio

Listen to the latest podcast by Vincent Chaigneau, Head of Research, summarizing his views on markets and focusing on 4 main topics: pandemic evolution after summer, the latest accommodative central bank policies, political risks linked to the upcoming US elections and the Brexit deal, and asset allocation recommendations in a context of ongoing economic recovery and Central Banks support.

Vincent Chaigneau
Vincent Chaigneau

Head of Research

Vincent Chaigneau joined Generali Investments in August 2017 as the Head of Research and Head of Group Investment Strategy. In his current role, he is in charge of a unit currently consisting of 25 economists, strategists and credit/equity analysts based in Paris, Cologne, Trieste and Milan. In addition to this, he manages Generali’s Group Insurance Research, a 10-strong team covering insurance and financial service markets around the world and delivering proprietary industry forecasts, market intelligence and megatrend studies.

Vincent joined the Generali Group from Societe Generale Corporate & Investment Banking, where he spent 24 years between Paris, New York and London, last serving as the Co-Head of Fixed Income Research, and Head of Rates & FX Strategy.

A French citizen, Vincent Chaigneau holds a Master’s Degree in International Economics and Finance, and a Poprdraduate Degree in Economics and Finance from the University of Bordeaux.

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Pfizer and BioNTech candidate Covid-19 vaccine showed to be 95% effective in early analysis, an even better result compared to data released last week. Moderna candidate Covid-19 vaccine showed to be 94.5% effective in early trials involving 30,000 people. Switzerland announced ICU beds reached full capacity and no extra units are available. Oxford and AstraZeneca Covid-19 vaccine test results are expected by late December.
Since March, credit markets have retraced a large part of the Covid-related spread widening, alongside rebounding risk sentiment. Although the rally has been substantial, it has remained defensive with IG outperforming HY on a beta- adjusted basis. The main reason in our view have been concerns about rising defaults.
Narrow margins in several key swing states sent Democratic candidate Joe Biden to the White House. However, Republicans are more likely than not to keep the majority in the Senate, with voters in Georgia having their final say on two decisive seats on Jan. 5.