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MACRO RESEARCH
June 2021

Global View Q3 2021

GlobalView
The global economic recovery is set to gain more traction in the second half of 2021 as economies reopen and the global services sector comes back online. We expect inflation to move higher as central banks are delivering on their promise not to remove monetary accommodation prematurely. In the fixed income space, yield curves have already repriced substantially, in particular in the US. Consequently, we only see moderate upside for bond yields, mainly from the real yield component, as the debate about the timeline for the removal of monetary support will intensify throughout the second half of 2021. The US dollar should continue to head lower as the rest of the world catches up with strong US growth momentum while the recent rally in the Gold price will likely come to an end. Lastly, we expect equity markets to grind higher in the second half of 2021 as earnings expectations continue to improve. However, support for equities in the second half of the year will likely be a lot more muted as valuations remain elevated and real yields are set to rise moderately.
Please find our full “Global View 3rd quarter” publications, downloadable in English, French and German, with detailed forecasts for all asset classes. You can also access them directly via the Publicationfinder.
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