January 2019: Market news and expert views
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The markets at a glance
A marked weakening of cyclical and interest-rate-sensitive sectors has recently emerged. This trend has been noticeable in Europe, Japan and China for some months now. Now, it is also manifesting itself in the US, the world’s leading economy. However, we firmly believe that the trend does not herald an imminent recession. After all, the service sector continues to send out positive signals. The emergence of rising real wages in many major economies – whether due to falling oil prices or because good wage settlements are being reached as a result of increasing shortages in the labour market – should also be a stabilising factor in the medium term. What is also clear is that it is too early to tell when the period of economic weakness will end. And until then, the capital markets will remain under pressure
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