Cross Asset Investment Strategy – special edition: mid-year outlook 2023

Mid-year outlook 2023: key convictions for H2 2023

• Key CIO convictions for H2 2023
• Infographic - Investment themes for H2 2023
• Uncertain growth path calls for allocation to remain defensive
• Infographic - Dynamic asset allocation
• Scenarios and risks to central scenario

Mid-year outlook 2023: global themes

• Central banks remain credible regarding inflation
• Infographic - Macro fragilities and market vulnerabilities
• Asia to attract foreign flows
• US-China relations and Russia-Ukraine war to dominate H2
• Fiscal policy will weigh on GDP growth in the EU

Mid-year outlook 2023: investment convictions

• Amundi asset class views
• DM equity: focus on quality, entry points in the case of correction
• DM fixed income: stay with quality credit and core govies
• EM assets favoured due to tamer inflation and earnings recovery
• Oil to firm on evidence of tightness
• Another cyclical test for the dollar’s hegemony
• Alpha makes up for poor market conditions
• Private markets: look for resilient assets
• Main themes in Net Zero investing

Mid-year outlook 2023: macroeconomic and financial market forecasts

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