Market Mover Azioni Usa e bond Ue nella strategia di Blackrock<br/>
Jul 11, 2025
Bruno Rovelli, Chief Investment Strategist for Italy at BlackRock, discusses current market dynamics with a focus on U.S. stocks and European bonds. He emphasizes the impact of economic volatility and the challenges of policy changes in global markets. Rovelli also analyzes why European assets are becoming more attractive amid recession fears and critiques the dollar's future. Lastly, he highlights the evolving role of AI in investment strategies and the differing technological advancements between the U.S. and Europe.
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Unprecedented Global Economic Shift
- Global economic policies are undergoing a significant reconfiguration unlike anything since the 1980s.
- Structural limits and long-term economic integration restrain how quickly these changes can impact markets.
US vs Europe Market Dynamics
- The US stock market's outperformance since 2011 is due to stronger growth and dynamic sectors like technology.
- Europe is unlikely to structurally close the long-standing growth gap with the US soon.
Prefer European Bonds Over US
- European fixed income markets are preferred to US due to better valuations and less currency risk.
- The dollar is expected to weaken moderately but not drastically over the next years.