The Spotlight - Generali Investments Podcast

Q4 Investments View | The New Age of Financial Repression

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

In this podcast Vincent Chaigneau, Head of Research at Generali Investments, provides an executive summary of the latest Investment View Report released by our Research team. In particular, he focuses on the signs of fatigue showed in September by the stock market rally and the possible clouds mounting on markets by the Autumn due to a resumption of the Covid pandemic, the Brexit deal, the US elections’ related risks and positions’ concentration. Finally he shares his recommendations in terms of asset allocation looking beyond the Covid crisis.

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.

If you are having trouble listening to the podcast, please click here. 

RELATED INSIGHTS

COVID-19 FACTS & FIGURES
According to the IMF’s Managing Director, strong international cooperation on coronavirus vaccine could speed up the world economic recovery and add $9 trillion to global income by 2025. A WHO trial found that Remdesivir, Hydroxychloroquine, Lopinavir and Interferon have little or no effect on hospitalized Covid-19 patients. Gilead Sciences has questioned the findings of the WHO study saying data appeared inconsistent.
INCORPORATING QUANT SIGNALS INTO EU EQUITY SECTOR/STYLE STRATEGY: MAINTAIN A TILT TO CYCLICALS AND VALUE
We present an update of our proprietary equity valuation tool, based on quant models. It provides indications of over- or undervaluation for different sectors and styles of European equities, which is further enriched by our qualitative analysis. Currently, among European equity sectors, financials, energy, telecoms, and autos look undervalued while Pharma, utilities and software appear overvalued.
CHINA’S RECOVERY CONTINUED BUT A BIT SOFTER THAN EXPECTED
China's economic recovery continued in Q3 2020, although a bit softer than expected. Real GDP growth rose to 4.9% yoy, slightly below the Reuters consensus expectation of 5.2% yoy, but still a substantial upturn from the 3.2% yoy in Q2. On a quarterly base, growth dynamics softened to 2.7% qoq, after 11.7% qoq and -10% qoq in the two previous quarters.