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Outlook
News found: 108
Investment Outlook
OLD SCHOOL
On rates, we retain our tactical LONG stance on USTs, Bunds and BTPs, while raising the bar for both adding exposure and shifting Bunds and BTPs back to NEUTRAL. Equities remain NEUTRAL, with elevated dispersion across Growth and AI favouring selectivity over broad style bets. In FX, we remain tactically NEUTRAL on EUR/USD and DXY.
07.22.26
Other
MIDTERMS PLAYBOOK
Our baseline points to a divided government, limiting the scope for major fiscal and trade policy changes. This backdrop should be modestly supportive for USTs, lead to a moderate curve steepening, underpin global equities, and remain neutral to slightly positive for the USD.
07.22.26
Macro Outlook
GETTING TOGETHER
US: Growth resilient, inflation easing; Fed on hold. EA: Slight Q2 growth upgrade; weak inflation pressures; ECB on hold. China: Growth slows on weak demand; PBoC remains tilted toward easing.
07.22.26
Global Outlook
Outlook H2 2026 - Go with the flow
Over the next six months, we expect growth to remain close to potential in the United States and slightly below potential in the Euro Area. The disinflationary trend is expected to continue, with inflation moving towards the targets set by the Fed and the ECB by year-end. In China, growth continues to be supported by exports, while domestic demand remains weak. We expect the PBoC to maintain an accommodative stance through the end of the year.
Close-up of a modern building facade with geometric, metallic patterns and tall vertical glass windows reflecting light. 07.08.26
Rates strategy
UST: No need to take further risks
Tactically LONG on USTs
06.24.26