(Telestock) – Markets remain focused on the growth-inflation mixfrom which favorable signals emerge at a global level. This context translates into Positive forecasts for all asset classes: equities, fixed income and credit markets. This is the outlook for the second half of 2024 of Eurizon, the company active in the asset management of the Intesa Sanpaolo Group, presented in Madrid during a meeting with the press.
The asset manager claims that the central banks are now in a “comfortable” positionas economic growth has so far resisted monetary policy tightening, they are in no hurry to loosen monetary policy, but the road to the short term rates are falling both in the Eurozone and in the United States.
2024 is the fifth year of the post-covid economic cyclethe first with an inflation/growth mix finally stabilized. This context is positive for all the main markets, which still have room to move forward even if they have already discounted a lot of good news.
“Within the bond universe – he declared Andrea ContiHead of Macro Research at Eurizon – i yields at maturity offered by government bonds are higher than inflation on all deadlines. In particular, the medium-short maturities offer high real remunerationwhile longer-term bonds represent an attractive insurance policy against the risk of an unexpected economic slowdown.”
“The Risky Assets and in particular the actions – added Conti – they have risen a lot, but the Bull market could continue. The ratings are not that tight in general and the earnings growth is a solid support for the markets if, as we believe, the global economic cycle continues at least until 2025 and 2026.”
During the meeting Stephen Li JenCEO of Eurizon SLJ Capital, focused on the context of global disinflation without recessionwhich should constitute a scenario also favorable for emerging marketsincluding China. The manager added positive comments on India, although without “loving” this market, and concluded by recalling that the Chinese economic evolution is not comparable to that of Japan, recommending never to exclude investing in the Asian giant.