Notre stratégie d'investissement pour le mois de mai 2024

Equity Markets, potential for growth amid high valuations

In this podcast, Edmund Shing and Guy Ertz discuss the potential for equity markets to rise despite high valuations, considering economic trend and market factors.

• The US economy is intentionaly slowing to control inflation, while Europe’s economy is accelerating as intended by central bank policies

• The ECB will cut rates in June with the Fed following later this year

• High Valuations are concentrated in U.S tech companies, but overall market valuations aren’t as extreme as during the 2000 tech bubble

• Key factors supporting stock prices include strong liquiduty and earnings momentum, despite some segments being too expensive

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Les actions battent-elles vraiment le cash ?

Dans ce podcast, Guy Ertz, Chief Investment Advisor et Édouard Desbonnets, Senior Investment Strategist chez BNP Paribas Wealth Management, comparent les performances du Cash et des marchés actions :

1990-2020 : la plupart des actions individuelles n’ont pas battu le cash !

Alors que les marchés boursiers ont largement surperformé les obligations et les liquidités

Très peu d’actions très performantes créent cette surperformance boursière à long terme

Ces actions proviennent de nombreux secteurs, notamment la santé, la technologie et les semi-conducteurs et la consommation discrétionnaire.

La plupart des investisseurs ont intérêt à bénéficier d’une exposition largement diversifiée aux fonds d’actions et aux ETF.

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Do Stocks really beat Cash?

In this podcast, Edmund Shing, Global Chief Investment Officer at BNP Paribas Wealth Management, compares stocks and cash performance :

• 1990-2020: most individual stocks did not beat cash!

• While stock markets outperformed bonds and cash by a long way

• Very few super-performing stocks create this long-term stock market outperformance

• These stocks come from many sectors, including Healthcare, Tech and Semis, and Comsumer Discretionary

• Most investors are best off with widely diversified stock fund/ETF exposure

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Notre stratégie d'investissement pour le mois de mai 2024

Dans ce podcast, Edmund Shing, Global CIO de BNP Paribas Wealth Management dévoile sa stratégie d'investissement pour le mois de mai 2024.

1. Toute l’attention se focalise sur l'évolution des taux d'intérêt des banques centrales en 2024. Mais ces taux d'intérêt sont-ils vraiment si importants pour l'économie mondiale?
   

2. Quelle a été l'évolution de ces taux à long terme depuis le début de l'année et quel en a été l'impact ?
   

3. Cette hausse des rendements obligataires américains est-elle une réaction excessive au maintien de l'inflation ? Quelles opportunités cela offre-t-il ?
   

4. Le secteur manufacturier mondial semble en fort rebond, stimulé par les États-Unis et la Chine. Quels secteurs bénéficient de ce rebond cyclique ?

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Our Investment Strategy for May 2024

In this podcast Edmund Shing, Global Chief Investment Officer of BNP Paribas Wealth Management, unveils his investment strategy for May 2024.

1. There is a huge focus on how central bank interest rates will change over 2024, but are these interest rates really so important to the global economy?
   

2. How have these long-term interest rates changed since the beginning of the year and what has their impact been?
   

3. Is this rise in US bond yields an overreaction to sticky inflation? What opportunities do these present?
   

4. Global manufacturing seems to be rebounding strongly, led by the US and China. What sectors benefit from this cyclical rebound?

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