Candriam - Cross asset strategy

We continue to strategically favour risky assets:
- Economic surprises positive for first time since February 2014.

- Investors have high expectations regarding the coming ECB meeting on January 22 nd.

- From a valuation perspective, equities are still attractive, especially compared to bonds.

- Euro zone equities should outperform in 2015, supported by a gradual economic recovery, earnings growth and the euro depreciation.

- We have increased our high yield and emerging debt exposure, as they offer the best carry-to-risk ratio.