Towards a dull summer in the markets

Editorial Dropping market volatilities, tight trading ranges for most asset classes, the ECB on course with its purchases unchanged and a Fed who could postpone its tapering announcement: looking at this non-exhaustive list, the markets could be particularly dull this summer, which is good news for asset classes with positive carry. In addition to some commodities and EM assets (mainly Latam), this will also possibly be an European moment, not only because the EURO 2020 is starting, but also because the summer will mark the take-off of growth on the Old Continent.