Natixis stiller det afgørende spørgsmål: Hvordan reagerer aktiemarkederne på rentestigningen? Bankens svar er, at det vil gavne de traditionelle erhvervssektorer samt råvarer (på grund af en kinesisk efterspørgsel), og så vil Fjernøsten komme til at trække læsset. Det er dér, væksten kommer i de kommende år.
For now, equity markets are showing a rotation within and not out of the asset class. Monetary support is not going anywhere and the earnings outlook for this year and next continues to improve. As such, I remain constructive and believe that financials, energy, and materials will continue to benefit. More value-oriented regions such as Europe and Japan should also do well, as should Pacific ex-Japan with its higher exposure to commodity markets and Chinese growth.
Investors may want to consider cyclical sectors such as financials, energy, and materials. European and Japanese stocks should benefit from risk-on sentiment and the more value-tilted construction of their indices. Commodities should continue to rebound with strong Chinese growth and reopening expectations, and I expect the developed Pacific region to benefit in particular. I also believe emerging Asia will continue to do well, supported by better management of the pandemic and reopening prospects.