Moderate GDP growth. Inflation may fall further. The ECB has begun its rate-cutting cycle. Positive outlook for bond markets. Price/net asset ratios still attractive. Very favorable discount for equities.

Key points

• 1st quarter rebound to continue into 2024
• Growth returns at a slower pace
• Leading indicators remain uncertain
• Household confidence stabilizes
• Inflation may yet decline
• The ECB began its rate-cutting cycle in June
• Positive outlook for bond markets
• Inflation and interest rate spreads favorable to the euro
• Average yield and price/net asset ratio still attractive
• Attractive valuations for European equities

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