Industry news and views from Panacea and our partners.
BNPP AM
AXA IM: The factors driving Eurozone investment potential to the next level
The world is changing, and investors need to have a clear view of how, and what that means for Europe.
AXA IM: Five reasons why Europe is back on the investment map
With attractive valuations, favourable European Central Bank monetary policy and structural tailwinds driven by unprecedented fiscal stimulus, we believe Europe offers meaningful potential for investors
AXA IM: Time for the Fed
Weak US employment data has fuelled expectations that the Federal Reserve (Fed) will cut rates by 1.5 percentage points (ppt) over the next year.
AXA IM: CIO Views: UK value and income, ECB policy and China’s disinflation
Soft growth, sticky inflation and fiscal challenges have undermined confidence in the UK. However, the FTSE 100 index recently hit a new all-time high.
AXA IM: The factors driving Eurozone investment potential to the next level
The world is shifting, in terms of power, trade and allegiances – all of which will have significant implications for Europe. Increased spending on defence as well as R&D could prove to be a boon for the bloc and further bolster its investment potential.
AXA IM: Bonds, I presume?
Bond bearishness continues, but the market is not doing much beyond reacting to supply and demand, alongside the usual flow of economic data, and expectations about central banks.
AXA IM: Playing with numbers
Concocting a bearish view on US stocks based on valuations is relatively easy. It doesn’t mean the market is going to correct.
AXA IM: Multi-Asset Investments Views: We all live in America (but investors can travel)
Equity investors’ patience has been rewarded, as markets comfortably navigated August’s introduction of the new US tariff regime. Consequently, indicators of trade policy uncertainty have normalised.
AXA IM: Fantasia
I tend to spend a lot of the summer in Falmouth, Cornwall, in Britain’s far south-west. In this epoch of climate change, it’s more comfortable than the Med.
AXA IM: Multi-Asset Investments Views: We can work it out
US exceptionalism is back - US equities continued to move higher and outpaced other major markets in July.
AXA IM: Paranoid
Trade uncertainty might be declining as the US makes deals with its leading partners, but the downside is a substantial effective tariff rate for imports into the world’s largest economy.
AXA IM: Market update: A stalling US economy?
Weak US job numbers have implications for consumer sentiment and spending. Markets feel the impact of fresh US tariffs and recessions risks rise. Near-term US economic and monetary policy expectations have shifted
AXA IM: Take Two: Bank of England cuts rates after split vote; Eurozone business activity expands
The Bank of England (BoE) cut its benchmark interest rate by 25 basis points (bp) to 4%, its lowest level since March 2023 and the fifth cut since last August.
AXA IM: CIO Views: Credit default swaps, the Fed’s challenge and China’s new strategy
Rise of the credit default swap, the Fed’s policy challenge and China’s anti-involution play.
AXA IM: European High Yield Update - July 2025
Chris Ellis discusses recent market events, if our base case outlook has changed due to the increased volatility and where we are finding opportunities in the European high yield market.
AXA IM: The known unknowns for fixed income
Over the last few years, returns for bonds has been good and helped investors progressively recover from 2022’s challenging environment.
AXA IM: Take two: Eurozone inflation rises; US stocks hit fresh highs
Eurozone annual inflation edged up to 2% in June - the European Central Bank’s (ECB) target - from 1.9% in May, according to an official flash estimate.
AXA IM: The ‘Gini’ is out of the bottle
The US economy defies a lot of conventional economic analysis. Perhaps what is not understood, is the effect that high levels of income inequality have on how the economy operates.
AXA IM: The quiet evolution of ‘green’ bonds in global portfolios
The green bonds market is maturing as an asset class and with this maturity, it is beginning to enjoy global relevance.
AXA IM: Gilt yields spike on UK government’s precarious finances
The UK government bond (gilt) market sold off aggressively on 2 July on the back of traders’ and investors’ concerns over the potential for further fiscal deterioration.
AXA IM: And into the second half…
Market returns have been strong in the first half of 2025. It seems investor optimism - alongside consumer and corporate resilience - have together trumped (pardon the pun) both trade and actual wars.
AXA IM: Who Will Buy US Debt?
Noises around Powell’s successor fuel further dollar weakness. As foreign investors’ generic discomfort with the US assets lingers, questions on who will be the next “marginal buyer” of treasuries are getting more urgent.
AXA IM: Multi Asset Views - June 2025
Laurent Clavel discusses recent events in the market and how they are currently positioned across equities and fixed income.
AXA IM: Global Short Duration markets Outlook
Nicolas Trindade share our outlook for the short duration investment universe, how it has reacted to the recent higher levels of volatility and our positioning.
AXA IM: Multi-Asset Investments Views: Where are we now?
After six months of US-policy-driven volatility - including the third-highest stress spike in modern history, only surpassed by the events of COVID-19 and the 2008 global financial crisis - we enter the second half of 2025 with fundamentals and valuations close to where they were in January.
AXA IM: World Bank cuts global growth outlook; US inflation rises less than expected
The World Bank cut its global growth forecast, cautioning that increased trade barriers and heightened uncertainty pose a "significant headwind".
AXA IM: Is this the end of the road for tech?
After a good 2023 and 2024, tech sector has underperformed in 2025, and investors can’t be blamed for asking if the tech trade is at an end.
AXA IM: Carefully Crossing
The level of resistance at the ECB Governing Council against bringing the policy stance into accommodative territory, now that the policy rate has been lowered to 2%, is higher than we expected.
AXA IM: CIO Views: Uncertainty continues to dictate outlook
US policy uncertainty and its outlook implications remain front and centre. In the case of adverse outcomes, US assets remain most at risk, given the threats to growth, inflation and interest rates.
AXA IM: Poise, not noise
The trade war, however it evolves, is a macroeconomic shock but the reality is less harsh than the rhetoric. Year-to-date equity market returns are positive, and some markets are up a lot.