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Every quarter, our specialists interpret trends in the global economy and financial markets. Read their views on the first quarter of 2020.

Macroeconomic environment

  • Hopes of an improvement in global economic growth in 2020 could be dashed.
  • Donald Trump’s ambition to win a second term in the presidential elections in November has led to a temporary truce in the US-China trade war.
  • A rapid deterioration of the global economic recovery could lead the US Federal Reserve to cut interest rates again.

Financial markets

  • 2019 saw the expansion of equity valuation multiples.
  • The equity markets’ good performance in 2019 is not a reason to abandon them.
  • Gold has even more of a place than ever in a diversified portfolio.

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