March Global Macro Monthly - After the first month
- 30 Marzo 2022 (7 min de lectura)
Key Points
- The Ukraine war has added to broader global tensions. The Euro area recovery now faces challenges with European gas prices a key drag. Fiscal stimulus will offset some of the shock. This is less so in the UK.
- The war is another supply shock to the US. This will add to the Federal Reserve (Fed)’s difficulty in managing its dual mandate – its recent focus has pivoted to inflation expectations control.
- China faces domestic challenges. The Ukraine war does not help, but the bigger risk is its ongoing relationship with Russia. An aggressive 5.5% growth target suggests supportive stimulus to come.
- Markets have reacted to the war although initial risk-off sentiment has receded somewhat – albeit leaving some legacy in foreign exchange markets.
- Rates adjustments have been sharp as markets reassess the Fed’s policy outlook.
Disclaimer
This document is for informational purposes only and does not constitute investment research or financial analysis relating to transactions in financial instruments as per MIF Directive (2014/65/EU), nor does it constitute on the part of AXA Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities.
It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date.
All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document.
Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM’s portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited.
Advertencia sobre riesgos
El valor de las inversiones y las rentas derivadas de ellas pueden disminuir o aumentar y es posible que los inversores no recuperen la cantidad invertida originalmente.