A few months from the COP26 in Glasgow, the President of the United-States sends a strong signal as he convenes global public decision makers to address climate change. Sagarika Chatterjee, Director of Climate Change at PRI and COP26 High Level Champions Team Finance Lead provided her analysis on the meaning and implications of this significant event in a conversation with Jean-Jacques Barbéris -  AMUNDI, Executive Committee Member, Head of Institutional clients and corporate coverage, Supervision of ESG Business Line.   DISCLAIMER: This podcast is only for the attention of “Professional” investors as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”), investment services providers and any other professional of the financial industry. Views are subject to change and should not be relied upon as investment advice on behalf of Amundi.  

April started on a positive note for financial markets, after an exceptional first quarter, with divergent fortunes for equities and global bonds. Going forward, the progression of the recovery will likely be the key market driver, leading to greater divergences.     Read the full paper on Amundi's Research Center:   https://research-center.amundi.com/article/global-investment-views-may-2021 - DISCLAIMER: This podcast is only for the attention of “Professional” investors as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”), investment services providers and any other professional of the financial industry. Views are subject to change and should not be relied upon as investment advice on behalf of Amundi. 

A big shake-up is under way in bonds – rising UST yields, a steepening yield curve and inflation expectations are leading markets to question whether we are facing a taper tantrum 2.0.  Read the full paper: https://research-center.amundi.com/article/global-investment-views-april-2021 - DISCLAIMER: This podcast is only for the attention of “Professional” investors as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”), investment services providers and any other professional of the financial industry. Views are subject to change and should not be relied upon as investment advice on behalf of Amundi. 

If the start of 2021 led markets to question the no inflation forever mantra, the debate has been hotting up in February, with the US 10Y inflation breakeven reaching its highest level since 2014, pricing in higher inflation expectations.   Read the full paper: https://research-center.amundi.com/page/Article/Amundi-Views/2021/03/Global-Investment-Views-March-2021 - DISCLAIMER: This podcast is only for the attention of “Professional” investors as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”), investment services providers and any other professional of the financial industry. Views are subject to change and should not be relied upon as investment advice on behalf of Amundi. 

The Italian political uncertainty, the post Merkel set-up, the Next Generation EU…are shaping a new European environment. Enrico Letta, former prime minister of Italy (2014-2015) shared his insights and analysis on the consequences of these changes. Amundi experts, Gilles Dauphiné head of Euro Fixed Income and Sergio Bertoncini Senior Fixed Income Strategist, provided the investment implications.They were interviewed by Jean-Jacques Barberis, head of Institutional Clients and Corporate Coverage supervision of ESG business line. Read more on Amundi's Research Center:  https://research-center.amundi.com/page/Article/Amundi-Views/2021/01/Italy-ECB-s-umbrella-to-protect-bond-market-despite-uncertain-political-situation   -- DISCLAIMER: This podcast is only for the attention of “Professional” investors as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”), investment services providers and any other professional of the financial industry. Views are subject to change and should not be relied upon as investment advice on behalf of Amundi. 

Markets closed 2020 on strong footing and the recent Democratic sweep in the US makes a greater fiscal push more likely, leading us to lift our 2021 GDP growth forecast for the US to 5.2-5.7%, 1% above previous estimates. This marks a great divergence between the US and the rest of Developed markets, where we have been lowering our forecasts.  Read the full paper: https://research-center.amundi.com/page/Article/Amundi-Views/2021/02/Global-Investment-Views-February-2021 - DISCLAIMER: This podcast is only for the attention of “Professional” investors as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”), investment services providers and any other professional of the financial industry. Views are subject to change and should not be relied upon as investment advice on behalf of Amundi. 

2020 has been an unprecedented year in modern history, with the Covid-19 pandemic leading to the deepest global recession post World War II that has affected the most countries simultaneously since the 1870s (World Bank). This big shock is not going to reverse completely, and the old normal will not return as it used to be. Hopes for a fast vaccine distribution, a further fiscal push, and for decreasing geopolitical tensions are all driving the reflation narrative.  Read the full paper: https://research-center.amundi.com/page/Article/Amundi-Views/2021/01/Global-Investment-Views-January-2021 - DISCLAIMER: This podcast is only for the attention of “Professional” investors as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”), investment services providers and any other professional of the financial industry. Views are subject to change and should not be relied upon as investment advice on behalf of Amundi. 

In light of the current pandemic, Europe is progressively strengthening its geopolitical role on certain topics like climate change. But the EU has also to deal with big challenges: Brexit, coming soon, new relationships with the USA and China, digital transformation, immigration policy, and above all a huge social crisis. These issues are discussed today by Jean-Jacques Barbéris, Head of the Institutional & Corporate clients coverage and of the ESG business line, member of the Executive Committee, Enrico Letta former Prime Minister of Italy and Thomas Philippon, Professor of Finance at New York University, Stern School of Business and Administrator of the think -tank Europa Nova.  Read the full paper: https://research-center.amundi.com/page/Article/2020/12/The-day-after-13-How-will-Central-Banks-impact-the-equity-markets-in-the-post-Covid-world - DISCLAIMER: This podcast is only for the attention of “Professional” investors as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”), investment services providers and any other professional of the financial industry. Views are subject to change and should not be relied upon as investment advice on behalf of Amundi.

The distribution of share of national income to labour versus capital has fallen to historically low levels in several advanced economies, such as the United States and the United Kingdom. Amundi believes that the Covid-19 crisis – together with other factors – will trigger a rebalancing in favour of labour over the next two decades. Listen to Jean-Jacques Barbéris -- Head of the Institutional and Corporate Clients Division, in charge of the ESG business line and member of the executive committee ; Pierre Blanchet – Head of Investment Intelligence – and Théophile Pouget-Abadie from the Business solutions and Innovation team, to learn more about it. Read the full paper: https://research-center.amundi.com/page/Article/2020/10/The-day-after-12-Changing-shares-of-labour-and-capital-incomes-what-implications-for-investors   - DISCLAIMER: This podcast is only for the attention of “Professional” investors as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”), investment services providers and any other professional of the financial industry. Views are subject to change and should not be relied upon as investment advice on behalf of Amundi.

   Marked by the most severe recession in modern history, 2020 was an unprecedented year. With the global pandemic continuing, we enter 2021 with a mildly positive outlook for the upcoming recovery, but with the assumption that the path to pre-crisis growth levels will be long and uncertain. Against this backdrop, investors should be ready to play rotations in their portfolios, favouring cyclical themes but also keeping a strong focus on quality. Monica Defend, Global Head of Research, gives her key takeaways of the year 2020 and assesses Amundi’s market scenario and asset allocation for 2021. Read the full paper: https://research-center.amundi.com/page/Article/Amundi-Views/2020/11/2021-Investment-Outlook-Market-rotations-in-an-uneven-recovery - DISCLAIMER: This podcast is only for the attention of “Professional” investors as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”), investment services providers and any other professional of the financial industry. Views are subject to change and should not be relied upon as investment advice on behalf of Amundi.