TURN FOR THE BETTER
If the US-China trade dispute does not escalate again, global growth should pick up slightly in 2020. However, political uncertainty will remain high.
In the event of an economic upturn and a partial settlement in the trade dispute, equities should benefit initially from their relative attractiveness and investor inflows, despite the rally in 2019. Disappointments could emerge later in 2020.
A repeat of the strong performance of nearly all asset classes in 2019 is unlikely. Active management, selectivity and…