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

Macroeconomic environment

  • Provided there is no major incident on the financial markets, the weakness of manufacturing activities is unlikely to lead to recession give the resilience of service sector activities.
  • The central banks are reacting to economic and geopolitical uncertainties by easing their monetary policy.
  • Given the low level of interest rates, demands for expansionary fiscal policies are increasing, despite already excessive levels of debt.

Financial markets

  • The main asset classes only offer slim prospects for returns in the coming years.
  • High quality companies will continue to be the main beneficiaries in an environment of moderate growth and low cost of capital.
  • With real interest rates declining, the price of gold is likely to continue rising.

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