When it rains, it pours: such was the lesson of 2018. As the tide of easy monetary policy slowly goes out, global markets face another challenging year in 2019. Yet with the US economy set to fall off its pedestal, it will be very different from 2018.

In this video Vincent Chaigneau, Head of Research, shares key market views for the coming year.

WHEN THE TIDE GOES OUT...

2019 Outlook by Vincent Chaigneau,
Head of Research

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COVID-19 FACTS & FIGURES
US President-elect Joe Biden has unveiled a $1.9 trillion stimulus package proposal. Following the recent increase in cases, China has imposed new restrictions and lockdowns in the Hebei province. Canada has implemented new restrictions and a provincewide curfew in Quebec that will last until February 8. German Chancellor Angela Merkel warned that the recent rise in Covid-19 cases could force the country to prolong the nationwide lockdown until April.
EQUITIES: STAY POSITIVE WITH A VALUE-CYCLICAL TILT
Following a monster rally in stocks last autumn, multiples are well above historical averages, but equity investors can count on lingering low yields, tighter credit spreads and increasing central banks’ balance sheets which in turn maintain low the cost of equity and the discount rate of future cash flows.
Video Outlook 2021: Repair and Despair
Watch the Outlook video with Vincent Chaigneau, Head of Research at Generali Investments