EMEA Macro Outlook and Investment Ideas

This report provides a macro and investment outlook for the EMEA region, anticipating bottoming growth and selective opportunities in high-grade fixed income and cyclical equities. It notes a shift in central bank policy expectations and highlights carry potential in specific emerging market currencies.

Key Takeaways

• 1.Eurozone growth is expected to have bottomed, with GDP forecasts for 2026 at 0.8% and 2027 at 1.2%.
• 2.The ECB is expected to maintain a hawkish bias, with a final rate hike likely in September.
• 3.European IT equity sector downgraded from Attractive to Neutral due to stretched valuations and performance.

Table of Contents

• New this month
• Macro outlook
• Equities
• Foreign exchange
• Fixed income
• CEEMEA

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