The Spotlight | Generali Investments

Cracks in the plumbing? Interview with Vincent Chaigneau, Head of Research at Generali Insurance Asset Management

October 04, 2022 Generali Investments Season 1 Episode 91
The Spotlight | Generali Investments
Cracks in the plumbing? Interview with Vincent Chaigneau, Head of Research at Generali Insurance Asset Management
Show Notes Chapter Markers

Recession in Europe is now a near-certainty, and its depth through the turn of the year will depend on winter temperatures. Vincent Chaigneau, Head of Research at Generali Insurance Asset Management, sees worrying cracks in the global financial system, opened in part by unusually high policy uncertainty and rates volatility. He also sees the UK FICC market sell-off as a warning to other European governments about fiscal responsibility.




***
Disclaimer
This podcast is based on information and opinions which Generali Insurance Asset Management S.p.A. Società di gestione del risparmio considers as reliable. However, no representation or warranty, expressed or implied, is made that such information or opinions are accurate or complete. Generali Investments Partners S.p.A. Società di gestione del risparmio, distributor of this podcast, periodically updating the contents of this podcast, relieves itself from any responsibility concerning mistakes or omissions and shall not be considered responsible in case of possible changes or losses related to the improper use of the information herein provided. Opinions expressed in this podcast represent only the judgment of Generali Insurance Asset Management S.p.A. Società di gestione del risparmio and may be subject to any change without notification. They do not constitute an evaluation of any strategy or any investment in financial instruments. This podcast does not constitute an offer, solicitation or recommendation to buy or to sell financial instruments. Generali Investments Partners S.p.A. Società di gestione del risparmio and Generali Insurance Asset Management S.p.A. Società di gestione del risparmio are not liable for any investment decision based on this podcast. Generali Investments may have taken, and may in the future take, investment decisions for the portfolios it manages which are contrary to the views expressed herein. Any reproduction, total or partial, of this podcast is prohibited without prior consent of Generali Investments Partners S.p.A. Società di gestione del risparmio. Generali Investments is part of the Generali Group which was established in 1831 in Trieste as Assicurazioni Generali Austro-Italiche. Generali Investments is a commercial brand of Generali Investments Partners S.p.A. Società di gestione del risparmio, Generali Insurance Asset Management S.p.A. Società di gestione del risparmio, Generali Investments Luxembourg S.A. and Generali Investments Holding S.p.A.

Vincent, you sounded worried before and after the summer break. Global stocks and bonds have now dropped to new year-to-date lows. Is all the bad news now out?
Such bad news is not already fully reflected in asset prices, you think?
Vincent, you see limited upside for long yields from here. Yet we have seen an uncontrolled rise in Gilt yields following the mini budget. Any chance we see a repeat of that in other jurisdictions?
What cracks?
To conclude, some final investment considerations? Any ray of light, to finish on a more positive note?