Rethinking the macro and cross-asset research: what we have learned from the Covid-19 crisis

Amundi
By July 23, 2020 14:48

Rethinking the macro and cross-asset research: what we have learned from the Covid-19 crisis

Covid-19 accelerated markets’ entropy and risk takers will evolve their investment approaches Crises create disruption and Covid-19 is no exception, bringing new complexities, new opportunities and new risks to the investment landscape. From our research angle, we realised that the pandemic triggered:

  • A fast-evolving macro financial environment.
  • A common global ‘health’ shock affecting economies and spill-overs to the full spectrum of asset classes
  • A deep disconnect between macro fundamentals and markets. 
  • A larger role for central authorities in market functioning. Monetary policies in particular have been overwhelming asset classes’ specific drivers, blurring market correlations and inducing (dangerous) mispricing.
Amundi
By July 23, 2020 14:48

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"De publicatie van de 2e #kwartaalcijfers van banken is in volle gang. Een spannende periode. Deze cijfers gaan ons namelijk meer inzicht geven in de impact van de Corona crisis op de ..." -> https://www.opiniopro.com/2020/07/achmea/thema-de-staat-van-banken-in-corona-tijd-voldoende-buffers/

"Is de #gezondheidscrisis die we op dit moment doormaken een ‘zwarte, grijze of witte zwaan’ voor de financiële markten? De kleur die we aan deze gebeurtenis toekennen, is afhankelijk van de voorspelbaarheid ..." -> https://www.opiniopro.com/2020/07/candriam/vooruitzichten-gekende-en-dus-verwachte-risicos-in-het-tweede-halfjaar/

🇺🇸S&P 500 Total Return Attribution

Multiple expansion explains the S&P 500's total return YTD, despite negative earnings growth 👉 https://www.isabelnet.com/?s=return

h/t @SoberLook #markets #investing #assetallocation #returns
#sp500 $spx $spy #stocks #earnings #EPS #stockmarket #equities

🇺🇸 S&P 500

Do valuations still matter? This chart puts into perspective the wide divergence between the S&P 500 and the US economy 👉 https://www.isabelnet.com/?s=S%26P+500

h/t @LanceRoberts #valuation #markets #investing #sp500
$spx #spx $spy #stocks #stockmarket #equities #GDP #economy

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