Amundi Recommends Europe, Japan and Gold for Second-Half Investing

Power Infrastructure, Energy Stocks in Focus

Amundi, Europe’s largest asset manager, advised investors to avoid overconcentration in any single asset in the second half as global volatility rises. As artificial intelligence investment expands beyond semiconductors into the broader industrial economy, the firm said portfolios should broaden to include European and Japanese equities as well as real assets.

In a report released on July 8 titled “Global Investment Outlook for the Second Half of 2026,” Amundi said volatility in global markets will increase in the second half of this year. Diverging growth rates across countries, swings in inflation and mounting policy risks will add to market pressure, the report said. Rather than cutting risk-asset exposure across the board, investors should reduce concentration risk and selectively rebuild positions in more promising areas.

Amundi said the AI investment cycle is shifting. Until now, companies developing AI models and semiconductors have drawn the most market attention. Going forward, the beneficiaries will be companies that introduce and use AI in real industrial settings. That shift will expand investment opportunities beyond semiconductors into power infrastructure, energy, industrial equipment, software and robotics.

The firm also outlined asset-allocation strategy. In equities, it identified Europe, where investment in defense, energy and infrastructure is increasing, and Japan, where corporate governance reforms are reinforcing the basis for long-term growth, as attractive markets. In fixed income, it favored European bonds, inflation-linked debt and high-grade corporate bonds in light of fiscal risks. It said real assets such as gold, commodities and infrastructure will become more important as diversification tools. The dollar will remain weak against other major currencies, particularly commodity-linked currencies.

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