### **Amundi Investment Institute – Topic of the Month: Navigating a Trade War Economy (April 2025)**
Amundi’s investment strategists present their view on adapting portfolios to structural shifts triggered by escalating global trade tensions and economic fragmentation.
Key Insights:
- Profit Recession Risk: Trade disruption may trigger a profit recession even without an economic one, increasing volatility.
- Valuation Reset: U.S. equities have derated, but remain expensive; European and select EM equities offer better entry points.
- Fixed Income Focus: Favour European government and investment-grade bonds amid relative policy stability and rate-cut potential.
Access the full report and explore Amundi’s cross-asset strategy in response to rising global protectionism.
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