Uncertain growth, low interest rates: what are the investment opportunities for 2013?
Natixis Global Asset Management Workshop on the theme "Uncertain growth, low interest rates: what are the investment opportunities for 2013?" held on 16 January attracted nearly 350 attendees who listened to Natixis Asset Management’s experts presenting their projections and scenarios for 2013.
"Although grounds for concern remain, 2013 should generally reinforce the calming trend of recent months. Low interest rates and dwindling fears of systemic breakdown should encourage investors back into risky assets," explained Pascal Voisin, CEO of Natixis Asset Management, introducing the event.
Economy set to continue the story of 2012
Growth in the world's main economic regions is likely to remain modest in 2013. With no great impetus from international trade, adjustments will have to come from domestic factors. Countries will have to resolve their imbalances on their own and look to their own resources to create the conditions for steady and autonomous growth. The only good news: they can continue to count on firmly accommodative monetary policies.
Fixed income markets returning to normal
A general decline in issuance, low inflation, plentiful liquidity and Spain's likely recourse to OMT, should hold down yields on European government debt. The narrowing of peripheral spreads will be all the faster if Spain seeks OMT support soon. Appetite for core sovereign debt remains solid, ruling out the prospect of a bond market crash.
Rally by European equities
As market sentiment returns to normal and risk indicators fall, European equities are looking increasingly attractive. Their rally will be led more by a rise in earnings multiples than any step-change in profit growth.
Global allocation: toward a more balanced strategy
Risks to our central scenario are both less systemic than a year ago and increasingly offset by the likelihood of a positive surprise. Reallocations toward risky assets need to be gradual and conditional on more tactical hedging.
> Read more in our Workshop Newsletter
Watch the videos interview:
- 2013: macroeconomic outlook of Natixis Asset Management
Philippe Waechter, chief economist of Natixis Asset Management
- Global asset allocation: strategies for 2013
Franck Nicolas, head of investment and client solutions
- 2013 outlook: fixed income and equities
Ibrahima Kobar, co-CIO of Natixis Asset Management and head of Fixed income
Yves Maillot, head of European euqities of Natixis Asset Management
- Emerging markets: 2013 outlook by Natixis Asset Management
Brigitte Le Bris, head of global fixed income and currency
François Théret, head of global emerging equities, Global emerging division - Natixis Asset Management.