Outlook on Europe: October 2023

Outlook — Lazard Asset Management

October 09, 2023


Lazard's Outlook series provides a forward-looking view, over the short, medium, and/or long term, of asset classes, sectors, regions, or countries from the view of Lazard Asset Management. In this edition, LAM portfolio managers share their outlook for Europe in Q4 2023.


  • Higher interest rates are steadily driving down inflation across Europe, but the economic growth picture is proving more mixed at the country level.

  • The added complexities created by post-Covid normalization and the Russia-Ukraine war are complicating the economic outlook, making it tougher to discern whether Europe faces a soft or hard landing.

  • Despite the headwinds of higher rates, the prospect of rising real incomes and a robust employment market should provide some resilience.

  • Our European Fixed Income team retains a preference for investment-grade bonds over high-yield debt.

Click here to read our Outlook on Europe for Q4 2023.

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