Global market perspective

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Economic and asset allocation views Q1 2019

Most investors will be glad to see the back of 2018 when both US equity and government bond markets generated returns that were lower than cash. Such an outcome has only been registered in two previous calendar years since 1900 and highlights the challenge for investors in the current environment (see Review of 2018 on page 13). At the start of 2018, expectations were high as a result of the synchronised recovery in global activity in 2017. However, global growth disappointed and remained a concern as trade tensions escalated. At the same time, a stronger US dollar and the tightening of global liquidity held back the performance of risk assets.