While a U-shaped recovery in Chinese activity seems to be gradually taking place, we are convinced that we have not yet seen the depth of the economic shock in Europe.

How best to interpret the economic indicators?

In this context, will policy responses continue to drive market performance? In the short term, will geographical areas such as the US or sectors such as healthcare continue to lead the way? How can you best position your portfolio for a potential recovery of the lagging markets?

Our views, with Florence Pisani, Global Head of Economic Research, and Nadège Dufossé, Deputy Global Head of Multi-Asset.

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