Asset Management: Monthly Letter – June 2019

Marc-Antoine Collard, Chief Economist, Head of Economic Research, Asset Management, Europe

Until recently, most market participants anticipated a rebound in global economic growth in H2 2019 that would last until 2020, thanks in part to the easing of Sino-US trade tensions. Yet, once again, US President Donald Trump demonstrated his unpredictability. Overall, risks to the economic outlook are firmly on the downside, as evidenced by the sharp decline in sovereign bond yields, as well as the weakening of business confidence. It remains to be seen to what extent central banks will be able to mitigate the risks of the global economy hitting the stall speed and then falling.

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