30
Sep
Positive trend for European assets
Moderate GDP growth with little likelihood of acceleration. Leading indicators and confidence at half-mast. CPI to fall below +2% very soon. Looser monetary policy. Appreciation of the euro, bonds and equities.
Key points
- European economy grows at a moderate pace
- No acceleration in short-term growth
- Leading indicators remain highly uncertain
- Confidence remains extremely fragile
- Inflation set to fall below 2% soon
- ECB needs to speed up rate adjustment
- Positive but moderate outlook for eurozone bond markets
- Inflation and interest-rate spreads favorable to the euro
- Attractive average yields and price/net asset ratios
- Temporary hesitations for European equities
