Investment Institute
Actualización mensual de mercados

September Global Macro Monthly - Supply constraints add to inflation angst

  • 22 Septiembre 2021 (10 min de lectura)

Key points

  • The EU’s “Fit for 55” programme is a suite of measures to deliver a 55% reduction in GHG emissions by 2030. It includes the Emissions Trading Scheme (ETS) and Carbon Border Adjustment Mechanism (CBAM).
  • Supply shortages crimp output in the US and Japan. Chinese growth has been impacted by COVID outbreaks. Eurozone momentum remains intact for now.
  • The US attempts to finalise a government spending package. We expect a more forceful policy shift in China. Meanwhile, the Fed heads towards a taper; the ECB has reduced PEPP purchases, but this is not a taper.
  • German elections will set the fiscal tone at home and for the Euro area. Japan’s vote will follow the leadership race.
  • A mix of negative developments have driven a risk negative tone. Credit spreads remain tight while broader government yields look set to rise gently.

    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.

    Clientes Profesionales

    El sitio web de AXA INVESTMENT MANAGERS ESPAÑA está destinado exclusivamente a clientes profesionales tal y como son definidos en la Directiva 2014/65/EU (Directiva sobre Mercados de Instrumentos Financieros). Para una mayor información sobre la disponibilidad de los fondos AXA IM, por favor consulte con su asesor financiero o diríjase a la página web de la CNMV www.cnmv.es