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By Luca PESARINI, Chief Investment Officer Portfolio Manager, ETHENEA
The global economy is stabilising, with regional differences and greater uncertainty about the growth and inflation outlook. The hard data prints and the leading indicators for economic activity are currently sending contradictory signals.
The economic data that have been released for the U.S. are good, and only the outlooks point to slowing momentum. Interestingly, the exact opposite is true for Europe. That said, in our view, a soft landing of the global economy remains the most likely scenario. The disinflationary process is under way. However, services inflation remains stubborn, and there is still no sign of it returning to the central banks’ target any time soon...
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