Equity returns : where growth tells most of the story

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<subTitle>: where growth tells most of the story</subTitle>
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<namePart>Saner, Patrick</namePart>
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<namePart>Ellarby Sánchez, Daniel</namePart>
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<abstract displayLabel="Summary">Inflation and especially liquidity impact stock market performance. Historically, however, the business cycle has been the key determinant for equity returns. A recession or marked growth slowdown alongside disinflation and central bank liquidity withdrawals could cap equity upside in the shorter-term. That said, central bank caution to not over-tighten could yield a soft- or no-landing scenario, with equities holding their ground vs fixed income. This should keep insurance asset allocators on their feet, given the high exposure of the industry to the latter</abstract>
<note type="statement of responsibility">Patrick Saner, Daniel Ellarby Sánchez</note>
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