| Lack of growth means stock market valuations are justified and investors should return to EM. One of only a handful of Frenchmen ever to take responsibility for $1tn of other people’s money, Pascal Blanque offers a sort of downbeat optimism about the world economy. Expansion, yes, just less than we are used to.
“Global growth is in the region of 3 per cent, fine. But the structure of global growth has changed, meaning that the contribution of manufacturing and global trade is down,” says the chief investment officer for Amundi, a combination of Crédit Agricole’s and Société Générale’s fund businesses which became Europe’s largest asset manager when it listed in Paris last year...............................................Full Article: Source
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