Market Strategy Video December 2013

The 2014 global economic recovery is a key assumption in our investment strategy. What are the perspectives for mature and emerging economies? And what impact can we foresee on the stock and bond markets? When Central Banks are sure that the recovery is self-sustainable, they will start to reduce the extraordinary measures of monetary accommodation that have been taken. What can we expect in the American, European and Japanese cases? Last of all, the emerging world is digesting weaker-than-expected economic figures: we will remain neutral on these markets.