After broad-based equity gains in 2019, prices are more demanding. We see solid but unspectacular profits growth this year. Technology winners march on and we think financials, selected industrials, Europe and emerging markets offer relative appeal.
Dovish central bank policy over 2019 pushed yields lower in fixed income markets, reigniting the hunt for yield.
Despite the Swiss National Bank (SNB) continued to characterise the Swiss franc as highly valued, we suggest that any overvaluation may be illusory.
The general public, especially in Asia, is understandably anxious about the latest coronavirus outbreak that originated in Wuhan, China.