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UK Outlook – Lags could push Bank of England to faster cuts
Key pointsAlthough BoE policy appears to have peaked, rising mortgage rates will continue to tighten monetary conditions throughout 2024We see the economy on th...
Japan Outlook – The Bank of Japan's year
Key pointsJapan is moving endogenously towards a period of slightly higher inflation, stimulated by rising wagesEconomic growth is likely to slow but it should...
Long term rates and debt evolutions, both in the US and in Europe
If markets are right about long real rates for US Treasury and European government securities, debt ratios will increase for some time. We must make sure...
Emerging Markets Outlook – living on the (dollar) edge
Key pointsEmerging markets (EM) are on a structurally sounder footing amid tighter global financial conditions. Access to international capital markets may rema...
Canada Outlook – Sticky core inflation challenges Bank of Canada
Key points2023 growth was firmer than forecast, but GDP has stagnated since Q2 and is on the brink of recession. The lagged impact of policy tightening is a key...
China Outlook – Short-term reprieve, long-term challenges
Key points2023 – the first-year post-pandemic – endured a sluggish first half due to wavering confidence and delayed policy boosts. Stimulus has quickened t...
Macro outlook– Twin Policy Test
Key pointsWe confront our forecasts from last year for 2023: we were too pessimistic on the impact of the monetary tightening on growth, at least in the USWe ex...
Investment Strategy Outlook – Modest growth, modest returns
Key pointsGiven bond yields hit multi-year highs in late 2023 we see strong potential for capital gains from hereCorporate bond returns should benefit from a mo...
Currencies Outlook – US dollar high(er) for longer
Key pointsThe US dollar looks set to remain supported by high US yields and a continuation of US’s macro resilienceBoth the euro and sterling are not cheap, w...
Another Mountain
Taylor rules tell us the “tightening peak” was too low…but also that significant cuts could be needed in 2024 The Autumn Statement and the normalisation o...
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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.