Industry news and views from Panacea and our partners.
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AXA IM: What next for green bonds after a year of resilience?
The green, social and sustainability bond (GSS) market experienced a range of notable moments in 2025. Some more positive than others but all offering lessons and opportunities for the asset class in 2026.
AXA IM: 2026 inflation outlook: Navigating uncertainty
2025 was another year defined by tension rather than direction. And that tension was most visible in interest rate markets. On the surface, the story looked simple - inflation ‘eased’, growth held up better than feared, and central banks were cutting rates.
AXA IM: Multi Asset Views - January 2026
Hear what is happening across equities and fixed income markets. Laurent Clavel discusses the markets and shares how we are positioned for 2026.
AXA IM: Game of thrones (and oil and chips)
I listened to a podcast last week that opened with the statement: “What a year last week was.” There has been a lot going on in the world
AXA IM: Monthly Market Views
Fixed income opportunities, a positive start for equities and Japan’s economic strategy
AXA IM: China's persistent deflation constrains market broadening
In December, China’s rate of inflation accelerated at its fastest pace in nearly three years, primarily driven by higher food prices.
AXA IM: Multi-Asset Investments Views: Homeward bound
The US Federal Reserve (Fed) delivered its third interest rate cut in a row in December - despite the absence of much public macroeconomic data due to the US government shutdown, and questions hanging over the quality of some of the data which was subsequently published.
AXA IM: Take Two: Stocks enjoy strong start to 2026; Eurozone inflation returns to target
Global stocks enjoyed a strong start to 2026 with several markets already reaching new highs. The Dow Jones Industrial Average closed above 49,000 for the first time last week while the S&P 500 also hit a record high. Europe’s Stoxx 600 also closed at a new peak as did Japan’s Topix and Nikkei 225 indices. Additionally, the UK’s FTSE 100 crossed 10,000 points for the first time on its first trading day of the year. Continued optimism over artificial intelligence and expectations of lower interest rates helped drive the rally although concerns over geopolitical tensions slightly tempered its momentum.
AXA IM: Investment Institute
Bringing together experts from across our research and investment teams to help you make more informed investment decisions.
AXA IM: Market Outlook - Global equities: The great divide
US equity market returns are likely to continue diverging along the lines of technology and the rest of the market: the Nasdaq 100 index delivered a 50% return from the post-Liberation Day lows to the end of October while the Russell 1000 Value index rose by less than half that.
AXA IM: Sustainable investing in 2026: The continuing path to a more resilient future
Recent years have seen investors operate in an environment shaped by conflicts, inflationary pressures, extreme weather events, and growing digital disruption.
AXA IM: Market Outlook - Fixed income: Monetary policy should bolster markets
Fixed income markets should benefit from continued central bank easing in 2026. We expect lower interest rates in the US as policymakers respond to weaker labour market trends, and lower rates in Europe because of further declines in inflation.
AXA IM: Macroeconomic outlook: Surprisingly resilient
The global economy has proved surprisingly resilient in 2025. In the immediate aftermath of Liberation Day, the IMF forecast that the global economy would grow by 2.8% in 2025. It now expects global growth of 3.2% this year.1
AXA IM: CIO Views
Upbeat bond opportunities, European investors’ optimism and China’s new five-year plan.
AXA IM: US High Yield Outlook
After a volatile spring, the US high yield market enjoyed a summer of relative calm. Spreads have grinded tighter, and companies have taken advantage of declining yields to issue bonds, with a heavy flow of supply being met with equally strong demand.
AXA IM: Code, build and repeat
Stock market returns of more than 20% are common around the world this year. In the US, the S&P 500 remains on track to make it a third consecutive year of returns above 20%, with potentially more than $10trn added to its market capitalisation. That’s a lot of new wealth, on paper.
AXA IM: Green bond market: from niche instruments to core bonds
Green bonds have come a long way since their inception. It’s an asset class that continues to innovate and at circa 2.2trn, they offer investors a broad range of opportunities.
AXA IM: No data, no cry
There has been no official US economic data this month. Who cares? The markets have enough to go on to assume a benign macroeconomic backdrop.
AXA IM: Climbing up the curve
Longer-duration bond assets are starting to outperform shorter-duration bonds. This makes sense given the steeper yield curves delivering higher carry in longer-dated bonds.
AXA IM: Can Europe step into Uncle Sam’s shoes?
Europe has always been seen as the little cousin to the US. This year, however, Europe’s profile from an investment perspective has grown as the US’ reputation of a choice of stability and reliability has taken a nose-dive.
AXA IM: Short duration bonds: a natural complement to corporates’ cash allocation
With falling interest rates and sticky inflation, holding liquidity buffers in cash or money market funds is becoming increasingly costly. Short duration bonds could be a natural complement to cash allocations for corporates looking to improve real returns.
AXA IM: Re-thinking diversification
The bond market has continued to endure volatility thanks to headwinds such as the US trade tariffs. While credit still offers attractive yields, diversifying into other fixed income asset classes such as inflation-linked bonds or green bonds may broaden opportunities.
AXA IM: Why Europe is a powerhouse of investment potential
Europe is in focus for investors. US political and policy uncertainty, especially over trade tariffs, and the broader move to deglobalisation, have driven investors in their droves towards the region.
AXA IM: The long view
Go through the thought process. Imagine setting out a 20-year asset allocation plan today. Stocks are at all-time price and valuation highs, bonds are closer to fair value, but credit spreads are super tight. Not easy, is it?
AXA IM: ECB strategy review: The investment implications
The ECB’s monetary policy review comes against a very different macroeconomic backdrop to its previous 2021 assessment
AXA IM: CIO Views: Re-examining balanced portfolios, US inflation and China’s macro and market divergence
Key investment themes - Rethinking balanced portfolios, US inflationary pressures persist and China’s economic and market divergence.
AXA IM: Divergence calls for diversification: Asia’s investors look to Europe
Over more than a decade, many Asian countries have looked beyond their own borders for long-term investment opportunities, with significant amounts of capital being directed towards the US.
AXA IM: Investing in a sustainable future: Energy-efficient buildings
To reach Net Zero by 2050, approximately US$2.5-3 trillion is required annually globally by 20302, focusing on energy efficiency retrofits, low-carbon construction materials, electrification of heating and cooling, and integration of smart building technologies.
AXA IM: Investing in a sustainable future: Sustainable ecosystems
To reach Net Zero by 2050, approximately US$300-400 billion annually by 20302 is needed to effectively protect and restore ecosystems, conserve biodiversity and enhance carbon sequestration.
AXA IM: Reduced volatility combined with environmental impact: the case for green short duration bonds
Short duration green bonds offer the investors lower volatility than longer-dated bonds in a time of economic uncertainty while making a measurable, positive environmental impact.