MID-YEAR OUTLOOK CLIENT SURVEY

We thank you for your participation to our S trategy Outlook CIB R esearch survey! Th is survey is dominated by concerns over inflation and tapering, now way more prevalent than pandemic risk. Your mood is however risk-on. Inflation risk is primarily viewed as a US risk, (not a Eurozone one) with a significantly skewed distribution in US inflation expectati ons.   Similarly, on tapering, the survey depicts more aggressive expectations for the Fed (taper starting in Q1 2022, 1 st rate hike as early as H 2 2022) than for the ECB (no tapering before March 2021) . In line with these views, the upside risk s in 10 y rates and GDP growth rates are seen more pronounced for the US than for the Euro Zone. In terms of asset allocation, equities (with a preference for European stocks) and real assets (green bonds + infrastructure + real estate) are your favorite picks for H2 . In the Fixed income space, inflation-linked and High Yield are your favorite assets. The most defensive views for H2 are on c ryptocurrencies, govies (USD and €) , US equities and Tech stocks .