Amundi Favors Europe, Japan and Gold for Second Half of 2026

Power Infrastructure, Energy Stocks in Focus

Amundi, Europe’s largest asset manager, advised investors to avoid excessive concentration in the second half of 2026 as global volatility rises. As the artificial intelligence investment boom spreads beyond semiconductors into the broader industrial economy, the firm said investors should widen their focus to European and Japanese stocks as well as real assets.

In its "Global Investment Outlook for the Second Half of 2026" report released on July 8, Amundi projected greater volatility in global markets in the second half of the year. Diverging growth paths across countries, volatile inflation and rising policy risks are increasing pressure on markets, the report said. Rather than cutting risk-asset exposure across the board, investors should reduce concentration risk and reallocate to assets with stronger prospects.

Amundi said the AI investment cycle is shifting. Companies developing AI models and semiconductors have led the market so far, but the next beneficiaries are likely to be businesses that adopt and use AI in real industrial settings. That would expand investment opportunities beyond semiconductors to power infrastructure, energy, industrial equipment, software and robotics.

The firm also outlined asset-class preferences. In equities, it favored Europe, where investment in defense, energy and infrastructure is rising, and Japan, where improvements in corporate governance are strengthening the foundation for long-term growth. In fixed income, it preferred European bonds, inflation-linked debt and high-grade corporate bonds, citing fiscal risks. For diversification, it said real assets such as gold, commodities and infrastructure will become more important. It also forecast the dollar will remain on a weakening trend against other major currencies, led by commodity-linked currencies.

Yang Ji-yoon, Hankyung.com reporter yang@hankyung.com