Catalysts needed to sustain risk on rally

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• The global economic picture brightens
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• Wereldwijde dividenden breken record in 2018, met een verdere stijging in 2019

Research & Strategy Insights

• Equities markets have enjoyed a stellar start to the year with the global benchmark up 9% and cyclical plays outperforming.
• The risk-on rally contrasts with the slowing macro momentum and earnings outlook. We see an unappealing risk/reward trade off in the short term.
• We have moved to neutral on global equities, cutting US exposure to underweight after the strong start of the year.