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François Cabau

Senior Eurozone Economist Macro Research

We forecast eurozone growth to remain moderate over the next couple of years, with risks skewed to the downside. We expect the ECB to cut its depo rate into accommodative territory by the end of this year

François joined AXA IM in January 2022 as a Senior Economist in the Research and Investment Strategy team, leading the macroeconomic analysis and forecasting for the Eurozone economy. 

He spent the previous 15 years in sell-side economic research teams focusing on European issues.

Prior to AXA IM, François worked 11 years for Barclays from 2010, as European Economist, then as Senior European Economist in 2014 before being appointed Director – Senior European Economist in 2018. He began his career at Société Générale CIB as Research Associate in 2007.

François holds a Bachelor of Science in Economics and English from Nanterre University and a Master of Science in Global Economics Diagnosis from Dauphine University.

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    Disclaimer

    This document is for informational purposes only and does not constitute investment research or financial analysis relating to transactions in financial instruments as per MIF Directive (2014/65/EU), nor does it constitute on the part of AXA Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities.

    Due to its simplification, this document is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this document is provided based on our state of knowledge at the time of creation of this document. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.

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    Risk warning

    The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. 

    AXA IM and BNPP AM are progressively merging and streamlining our legal entities to create a unified structure

    AXA Investment Managers joined BNP Paribas Group in July 2025. Following the merger of AXA Investment Managers Paris and BNP PARIBAS ASSET MANAGEMENT Europe and their respective holding companies on December 31, 2025, the combined company now operates under the BNP PARIBAS ASSET MANAGEMENT Europe name.