Trade barriers, once constructed, are not easy to remove and their implementation is likely provide a slower backdrop for financial market performance.
We cut the chances of recession to 25% after a thaw in the trade war and a year of rate cuts; our forecast is for sub trend growth. Favored sectors include emerging market local currency debt and higher rated short-duration securitized credit.
Our Global Emerging Markets portfolio managers demonstrate why long-term investors are in a strong position to take advantage of compound earnings growth.
Global markets and multi-asset portfolios
Improving credit fundamentals, light tax-exempt supply and robust demand have driven the strong performance of municipal bonds in 2019.
Investors are concerned about the deterioration of corporate debt quality.
Following two years of double-digit positive performance, emerging market (EM) equities have reversed course this year.
A weekly review of global markets and multi-asset portfolios
With volatility in FX markets close to all-time lows, we explore the rising risks that could see larger moves in currencies going forwards.
Dovish central banks, strong fundamentals and an improved outlook for China suggest that all stars are aligned for emerging markets. How long can the year-to-date rally continue?