Fund manager Amundi shifts assets from US to China
Financial Times
23-05-19 04:19
Amundi is shifting away from US assets in favour of China, as the country has brighter economic prospects, better valuations and a more benign outlook for inflation. Vincent Mortier, the CIO of Amundi, thinks that there is too much risk priced into Chinese credit and high-quality companies, while markets in the US are too optimistic as a recession looms. Mortier believes the US economy will not grow next year while China, India and Indonesia will each grow by 5% to 6%. Despite a tougher period for China's equity markets, Amundi's optimism is strong.