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How to consider a B/BB US high yield strategy within a portfolio
Key points:For investors who wish to exclude CCC and below rated assets, but still want to include high yield exposure in their asset allocation, a B/BB approac...
Vox Populi
COP 28 is taking place against a background of emerging “decarbonation backlash”. Taking stock of the latest wave of the EIB’s Climate Survey, we explore...
Where can investors look within Euro Credit
Key points:Rates are likely to stabilise as disinflation takes hold but oil could still be a headwindCurrent yields offer attractive entry points for euro credi...
Bullish bonds, bearish risks and youthful reds
I’m not going to go on about the great bond rally we enjoyed in November. After all, I got it wrong during the third quarter (Q3) when the US economy boomed a...
Outlook Summary – Slowing mid-cycle, not crashing end-cycle
Key pointsFollowing 2023’s resilience, we expect global growth to slow in 2024 – this should be a mid-cycle adjustment, not an end-of-cycle collapse. 2025 s...
Outlook 2024: Global growth to slow but bonds geared-up for potentially strong gains
Key points:For 2024 we expect lower growth, lower inflation and limited interest rate easing. We forecast global GDP growth reaching 2.8%, down from an expected...
Rates Outlook – The year of bonds redux
Key pointsWhile monetary policy is quite restrictive, there are reasonable doubts about overall economic stanceDemand and supply conditions need careful monitor...
Equity Outlook – Thriving in the mist
Key points2023 was an unusual period for equity markets, which made gains despite sharp interest rates rises. However, only a handful of stocks drove these gain...
US Outlook – Avoiding recession leaves little space for easing
Key pointsThe US looks set to slow but avoid recession. We see growth of 2.3% in 2023, 1.1% in 2024 and 1.6% in 2025. There are risks of a sharper slowing in H1...
Eurozone Outlook – Mind the return of market discipline
Key pointsMeagre Eurozone growth looks set to continue. Supply issues will fade but are unlikely to disappearWe project euro area headline inflation to land at...
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AXA IM and BNPP AM are progressively merging and streamlining our legal entities to create a unified structure
AXA Investment Managers joined BNP Paribas Group in July 2025. Following the merger of AXA Investment Managers Paris and BNP PARIBAS ASSET MANAGEMENT Europe and their respective holding companies on December 31, 2025, the combined company now operates under the BNP PARIBAS ASSET MANAGEMENT Europe name.