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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...
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...
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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.