Investment Institute
Monthly Market Update

June Global Macro Monthly - The European green deal

  • 28 June 2021 (10 min read)

Key points

  • US developments dominate international markets. The Fed adopted a more hawkish tone at its latest policy meeting. Meanwhile White House spending proposals appear increasingly challenging to deliver.
  • Receding virus concerns underpin a more upbeat Eurozone. The European Central Bank remains supportive for now with Pandemic Emergency Purchase Programme purchases continuing to remain elevated.
  • China’s growth rates soften, although some domestic consumer recovery points to more structure. Yet credit growth deceleration may make the People Bank of China feel uneasy over the pace of deceleration.
  • US Treasury yields have been volatile, they remain broadly <1.50%, but real yields have gained at breakeven inflation expense.
  • The dollar has also gained significantly since the Federal Reserve meeting, up around 2% against a basket of currencies.
Read the full slide deck of our June investment strategy
Download deck (2.26 MB)

Have our latest insights delivered straight to your inbox

Subscribe to updates.

Related Articles

Monthly Market Update

May Op-Ed - If you are bored by central banks, Tech remains interesting

Monthly Market Update

May Monthly Investment Strategy - Governments extend influence over outlooks

Monthly Market Update

April Op-Ed - Looking outside the West


    This document is for informational purposes only and does not constitute investment research or financial analysis relating to transactions in financial instruments as per MIF Directive (2014/65/EU), nor does it constitute on the part of AXA Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities. 

    It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. 
    All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. 
    Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM’s portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. 

    Back to top