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Investment outlook 2020

A Tale of Two Scenarios

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After a slow start, growth will gradually pick up. Earnings growth will turn positive in the first half of the year, helping sentiment that is currently far from exuberant. Global equities are bound to make new highs before perhaps struggling towards the end of the year as recession fears start all over again.

Jeroen Blokland, Head of Multi Asset

We expect the equity bull market to enter the last leg of a near decade-long climb, but investors should brace themselves for the alternative – a scenario in which markets are sent spiraling.

In ‘A Tale of Two Scenarios’, we look at possibilities, risks and opportunities:

  • Central banks will welcome the increase in inflation
  • The triggers we need for a comeback of value
  • Should equity investors favor Europe over the US?
  • Fixed income in both a recession and a recovery scenario
'Though the earth was cold and wet, the sky was clear, and the sun rose bright, placid, and beautiful.' – Charles Dickens, A Tale of Two Cities.

What lies in wait

Our expectations for 2020 from a multi-asset, equities and fixed income perspective.

What lies in wait

Our expectations for 2020 from a multi-asset, equities and fixed income perspective.

The Sea Still Rises: Extending the bull market
The Sea Still Rises: Extending the bull market
With a recession to be avoided and earnings growth to return, we believe global equities have further to go.
14-11-2019 | Yearly outlook
A Knock at the Door: The return of inflation
A Knock at the Door: The return of inflation
Since the global financial crisis, one economic variable has stayed on our mind: inflation.
05-12-2019 | Yearly outlook
Calm in Storm: Beyond the trade war
Calm in Storm: Beyond the trade war
Over the past year, regional equity market allocation has been heavily influenced by investors’ expectations on the outcome of the US-China trade war.
21-11-2019 | Yearly outlook
Echoing Footsteps: The return of the underdog
Echoing Footsteps: The return of the underdog
It has been a while since we heard so much talk about value versus growth and momentum.
Yearly outlook
The Night Shadows: Investing in fixed income if recession hits
The Night Shadows: Investing in fixed income if recession hits
We live in a world of inverted yield curves, contracting business surveys, global trade, and falling earnings and CEO confidence.
28-11-2019 | Yearly outlook
Recalled to Life: Finding the right bonds for recovery
Recalled to Life: Finding the right bonds for recovery
Global growth has slowed for two years, at some point trends will bottom out.
Yearly outlook

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