Contraction > recovery > late cycle: a cycle round trip in three years

Tuesday 05 May 2020

Cross Asset

Read the Complete May Cross Asset Investment Strategy

Annalisa Usardi
Senior Economist

Cesarini Federico
Cross Asset Strategist

Lorenzo Portelli
Head of Cross Asset Research

The pandemic outbreak altered the cycle of financial regimes we had in mind at the end of 2019, with consequences extending over the medium term: after a sharp contraction in 2020, 2021 will see a “recovery” in the growth and profit cycle with a rebound in risky assets while in 2022, we expect a normalization towards a late cycle.

Cross Asset Investment Strategy - May 2020

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