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Every quarter, our specialists interpret trends in the global economy and financial markets. Read their views on the second quarter of 2019.

Macroeconomic environment

  • Weaker international trade is affecting the global economy.
  • The US Federal Reserve’s next move will be a cut in interest rates.
  • The fundamentally socialist nature of the demands emanating from a middle class which feels sidelined by the authorities represents a potential source of instability on both sides of the Atlantic.

Financial markets

  • The main event driving the equity market rally in the first quarter was the US Federal Reserve's U-turn.
  • The current divergence between rising share prices and the downward revision of forecast earnings is particularly marked.
  • The Chinese market should continue to attract foreign capital.

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