28 July, 2026

Global Investment Views - August 2026

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The GIV elaborates on the latest views, convictions and outlook of our Global CIOs, Investment Platforms and the Amundi Investment Institute.

Prepare for rotations in concentrated and flow-driven markets

July saw tensions flare once again in the Middle East. Markets questioned the feasibility of returning to a ceasefire, pushing Brent oil prices back towards $100. Previously, prices had fallen to pre-war levels due to effective rerouting efforts and a reassessment of supply risks.

Long-end rates reaching attractive value

The macro backdrop remains mixed, with central banks remaining cautious, while inflation fears and monetary policy expectations are still being shaped by oil price dynamics. In the US, robust data and a relatively hawkish Fed are putting upward pressure on rates, supporting our cautious stance on duration, while also creating attractive opportunities in certain segments, such as the middle part of the curve and real rates.

Focus on resilience and selectivity

Recent weeks have shown that despite low market volatility, single-stock volatility is rising as investors increase scrutiny. Concerns over AI-related investments, profitability, valuations and supply chain risks remain in focus, reinforcing the importance of selectivity and structural resilience. Against this backdrop, we are strategically positioned away from the US, as concentration and valuation risks persist.

Mildly pro-risk, with caution

The overall macro backdrop remains supportive, yet inflation is sticky, central banks are still cautious, and growth continues to diverge across regions. In this context, we remain mildly pro-risk, focusing on carry, selectivity and diversification rather than strong directional conviction.

Read the full article on the Amundi Research center

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