Market Compass December 2024

In Short

A team of 13 analysts based in Paris, Cologne, Trieste, Milan and Prague runs qualitative and quantitative analysis on macroeconomic and financial issues. The team translates macro and quant views into investment ideas that feed into the investment process.

Highlights:

 

  • The US economy keeps outpacing major peers in developed markets. While high implementation uncertainties remain, Trump’s policy agenda is likely to sustain US exceptionalism well into 2025.
  • Acknowledging risks from trade and geopolitical frictions, risk sentiment should remain underpinned by tailwinds from resilient global growth, receding inflation and central bank rate cuts.
  • Yet regional differentiation matters. Our mild overweight (OW) in equities is tilted towards outside the Euro Area.
  • But we are warming up to higher duration in the Euro Area while keeping a preference for Credit. The US dollar seems poised to stay stronger for longer.

 

Download the full publication below

Compass 12 2024 FINAL.pdf
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