2020 outlook: What could possibly go wrong?
MONTHLY MARKET COMMENTARY |
Slowing economic growth increases uncertainty after a golden year for financial assets
Our 2020 outlook steps off the shoulders of 2019, a year in which several asset classes hit new all-time highs and valuations are approaching similarly full levels. Investors are looking to 2020 and asking if trade wars, or even war, will finally derail markets moving higher, will a contentious election prove impactful in the U.S. or does the Federal Reserve more accommodate reversal in 2019 mean we’re back to the races? In the following sections, we break down the primary drivers to asset prices, discuss our updated outlook for long-term returns and pull out key themes investors should consider in 2020.