CIBC Asset Management Perspectives New growth needs new tools

Although the global economy clearly slowed in 2019, investors remained optimistic and propelled equity markets to all-time highs. We don t expect a blockbuster growth year in 2020, but central banks will likely set the stage to allow governments to provide fiscal help and stimulate growth. Asset class highlights
Equity:

A stabilizing economic cycle could trigger a rotation away from U.S. equities in favour of more cyclical markets such as emerging market equities.

Fixed Income:

Disappointing economic growth and the low risk of inflationary pressure from the energy sector should keep a lid on bond yields.

Currencies:

We believe it s too soon to call for a widespread U.S. dollar trend reversal, but the greenback will be under increased pressure in 2020.

China:

The de-escalation in the trade dispute, along with a phase-one trade deal, will provide some relief for Chinese growth starting in Q2 2020.

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