even europe’s biggest asset manager is turning away from the region’s stocks “lower expected growth and looming stagflationary risks in europe call for caution in the cyclical space and support the relative appeal of us equities with a focus on quality and dividends” amundi said in its monthly investment outlook “the us should continue to be more resilient compared to europe given the higher risk of an earnings recession” amundi’s team led by chief investment officer vincent mortier wrote in a note to clients