Economic growth showing signs of slowing, forecast uncertainty increasing

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Allocation insight

Over the course of the autumn, there have been additional indications suggesting that economic growth will slow down next year. While the global economic growth outlook is still good, negative surprises are more likely due to increasing uncertainty. The price of oil has fallen since early October with stocks building up as a result of weaker-thanexpected demand, which at the same time is a signal of dampened economic growth. We have continued to reduce the investment portfolio’s market sensitivity, which, according to our insight, is warranted in the current environment.