A Slowing Cycle Favors Quality

Drawing on Amundi’s 2026 Investment Outlook, the analysis distils how a soft-landing baseline and persistent geopolitical complexity shape portfolio construction for the year ahead.

• Growth slows but remains positive, while falling inflation and cautious central banks create a supportive backdrop for high-quality government bonds and income-oriented assets.

• Equity prospects hinge on selectivity: the US remains earnings-resilient, Europe benefits from easing policy, and Japan continues to gain from structural reforms and improved governance.

• Private markets and infrastructure stand out as long-term diversifiers, with energy transition spending and supply-chain reconfiguration driving multi-year themes.

For a deeper perspective on navigating this late-cycle environment—and where the most durable opportunities lie—the full outlook offers comprehensive guidance.