2019 has been a tough year. Not in terms of returns, in most assets return was "fantastic". Pessimism has, however, been a constant presence following the market turbulence in the last quarter of 2018, which set the narrative for the current year. Not completely unfairly, it seems.
Economic data haven’t provided any positive surprises. Earnings have been mediocre, rates have tumbled and (geo)political issues have dominated the, largely negative, news flow. The stock markets have held up with the help of continued monetary stimuli and the worst-case scenario has not materialized as early signs of an economic stabilization are now becoming visible.
Will this journey continue in 2020?
Find out what our investment strategists think by reading the December 2019 edition of the Global Asset Allocation Strategy. (pdf, 1 MB)
In this short film, our Chief Investment Strategist Michael Livijn sums up the year and offers a glimpse into what he expects will come in 2020.
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