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Global Investment Views August report by Amundi: “Cautious on markets: high inflation, slowing growth”.
With rate expectations rising, fixed income assets have also fallen in value, generating a nasty positive correlation between bonds and equities on the way down.
Japan and China, two countries investors are largely ignoring, are two markets that might warrant a closer look.
We think it is too soon to call for a bottom in both equities and bonds. Fed’s tightening above market expectation has the potential to further derail financial markets.
The weakness in activity is not confined to the manufacturing sector, which is additionally affected by the shortage of various materials and components.
The People’s Bank of China is easing monetary conditions to support the economy as, far from sky-rocketing, Chinese inflation is levelling out at 2.1%.
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