Why a very positive view of equities is still warranted

We believe equity market indices still have much further to rise for three reasons: The global growth recovery, driven by growth in Asia, the improvement in the public health situation from the spring in the United States and Europe and highly expansionary economic policies; Continued negative real long-term interest rates, given the magnitude of global savings and the ongoing monetary expansion; The gradual recovery from the crisis for sectors currently in difficulty (hospitality, tourism, retail, air transport, aerospace, automotive, etc.).