Twice a year, in June and at the end of the year, Perspectives, our need-to-read magazine, represents our house view on macroeconomics and asset allocation for the months to come and also focuses on a couple of topics that will be of importance.

The global macro forecast
Emerging economies still weighing on global recovery

The world economy is still struggling with intense deflationary pressures. Since 2012, world GDP growth has been hovering around the 3.5% mark, well below the 5% of the pre-crisis years: while developed countries have managed to put their economies back on a sounder footing, activity in 2015 has further weakened in emerging economies. Still, in 2016, emerging growth should eventually stabilize while growth in developed countries should continue to slowly firm, especially in the euro zone and, to a lesser extent, in Japan.

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Asset Allocation Outlook
Preference for equities over bonds as monetary policy divergence peaks

We expect ongoing global growth in the coming months as developed-market downturns and a Chinese hard landing are avoided. Candriam’s asset allocation views for 2016 are built around five overarching investment themes: monetary policy divergence, a continuation of domestic demand as the main growth driver, a convergence towards higher growth rates in the euro zone, the bottoming of commodity prices and the comeback of liquidity risk.

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Our experts’ share their views on the markets

  • Emerging markets – Are fears about China overdone?
  • Inflation – Time for linkers?
  • US Investment Grade Credit – Improving outlook in 2016
  • Commodities – Is the cycle about to turn?

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