Fidelity Europe Quality Income UCITS ETF EUR · XETR:FEUI
Fidelity Europe Quality Income UCITS ETF EUR — Fidelity International — Q2 2024 Earnings Presentation
10 slides from Fidelity Europe Quality Income UCITS ETF EUR's earnings presentation, March 2024
Slide 1: Q2 Outlook 2024
Q2 OUTLOOK 2024 RESEARCH POWERED INVESTMENT
Slide 2: Four scenarios for developed markets in 2024
Four scenarios for developed markets in 2024 Scenario 1: 5%+ Soft landing 40% Stagflation Inflation Scenario 2: 4% 3 Inflation rate Cyclical recession 25% 2 1 Scenario 3: 2% No landing Recession Soft landing Reflation 30% 4 Scenario 4: Balance sheet <0% recession 5% <-2% 0% <1% 3% 4%+ Growth (GDP pe
Slide 3: How the scenarios could play out
How the scenarios could play out Growth Inflation Monetary policy Fiscal policy SLIGHTLY BELOW-TREND BACK TO TARGET BACK TO NEUTRAL Scenario 1: SLOWDOWN Disinflation brings core inflation back to Central banks start cutting rates, going NEUTRAL STANCE Soft landing Growth in major economies settles a
Slide 4: The base case – why we're expecting a soft landing
The base case – why we’re expecting a soft landing Falling inflation marks the end of the rate hiking cycle, providing a supportive environment for risk assets 10% 6% 5% 8% 4% 6% 3% 4% 2% 2% 1% 0% 0% Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 US CPI y/y (LHS) Fed Funds Rate (RHS)
Slide 5: Analysts record improving sentiment, though costs remain sticky
Our analysts have recorded improving sentiment since the turn of the year, though costs remain sticky 1.00 1.20 0.80 1.00 Weighted average of responses 0.60 0.80 Costs increasing 0.40 0.60 0.20 0.40 0.00 0.20 -0.20 0.00 Costs -0.40 -0.20 decreasing -0.60 -0.40 Jul-20 Mar-21 May-21 Jul-21 Mar-22 May-
Slide 6: But beware - no landing is looking more likely, especially in the US
But beware - no landing is looking more likely, especially in the US US remains an outlier with high and rising growth and inflation expectations – a tricky combination for the Fed to manage 2024 GDP Bloomberg consensus forecast 2024 CPI Bloomberg consensus forecast 2.5 5.2 3.5 5.0 3.0 2.0 4.8 2.5 1
Slide 7: Three scenarios for China in 2024
Three scenarios for China in 2024 Growth Inflation Monetary policy Fiscal policy Scenario 1: The pace of recovery gradually gains momentum as consumption continues Incremental easing to coordinate with Controlled to lead. External demand slows moderately but downside pressures will CPI and PPI rebou
Slide 8: China activity indicator by sector
Services sector continues to note above average growth with manufacturing recovering to trend growth levels. The property sector remains a drag China activity indicator (CH-AI) by sector 4 3 2 1 Z-Score 0 -1 -2 -3 -4 Jun 07 Dec 08 Jun 10 Dec 11 Jun 13 Dec 14 Jun 16 Dec 17 Jun 19 Dec 20 Jun 22 Dec 23
Slide 9: Multi Asset: Our Best Ideas
Multi Asset: Our Best Ideas Tilting towards Structural Defence Carry Alternatives Value Themes Scenario 1: ++ Global Mid Caps ++ AI/Semiconductors ++ EM LC bonds + Liquid Alts ++ Select EM equities (China, ++ Biotech/Healthcare + Min Vol Equities ++ Hybrids + REITs Soft landing Greece, Indonesia, S
Slide 10: Important Information
Important Information This document is for Investment Professionals only and should not be relied on by private investors. This document is provided for information purposes only and is intended only for the person or entity to which it is sent. It must not be reproduced or circulated to any other p
Fidelity International — Q2 2024 Earnings Presentation on 6ix