Investment Institute
Macroeconomics

June Monthly Investment Strategy - The times they are a-changin’

KEY POINTS
We billed 2024 as the great election year and so it is proving. Mexican, Indian and South African elections all delivered widely expected outcomes, but with twists that led to sharp market reactions.
European Parliamentary elections also delivered broadly as anticipated, but also resulted in a shock French election (30 June/7July) which has weighed on European markets. US elections will come into more focus after the 27 June TV debates.
The UK’s election on 4 July looks set to deliver a comfortable-to-large majority for centrism, in a move that asks if the UK is past peak populism.
Public finances are the near-term concern, stretched in most developed economies with risks of further widening in France and the US.
Central banks remain the guardians of the economy. The ECB and BoC have already eased policy; the Fed and BoE look soon to follow.

Related Materials

Full June 2024 Monthly Investment Strategy
Download June Macro Monthly (605.81 KB)
Investment Institute

Our experts and investment teams outline their key convictions.

    Disclaimer

    This website is published by AXA Investment Managers Australia Ltd (ABN 47 107 346 841 AFSL 273320) (“AXA IM Australia”) and is intended only for professional investors, sophisticated investors and wholesale clients as defined in the Corporations Act 2001 (Cth).

    This publication is for informational purposes only and does not constitute investment research or financial analysis relating to transactions in financial instruments, nor does it constitute on the part of AXA Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities.

    Market commentary on the website has been prepared for general informational purposes by the authors, who are part of AXA Investment Managers. This market commentary reflects the views of the authors, and statements in it may differ from the views of others in AXA Investment Managers.

    Due to its simplification, this publication is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this publication is provided based on our state of knowledge at the time of creation of this publication. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.

    All investment involves risk , including the loss of capital. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested.