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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.

Read Perspectives Report

Perspectives Executive Summary

Perspectives Video Commentary with Luc de la Durantaye

Can Returns Keep Rising? podcast  with Luc de la Durantaye