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Investment Perspectives - winter 2020

Capital markets update

03 Feb 2020

In this capital markets update, Chris Arcari shares the latest trends in the market.

2019 was a strong year for most markets. Global equities, led by the US, delivered stellar returns, with returns from global equity indices close to 30% in local currency terms. Bonds also rose over the year, although yields drifted higher from the extremes of the third quarter. Oil and gold also rose, by 23% and 19%, respectively.

Chris shares the latest trends in the market, including:

  • Growth decreased across most economies in 2019, resulting in the slowest pace of global growth since 2009. 
  • There are signs the worst of the slowdown may be over as the global manufacturing Purchasing Managers Index (PMI) moved back in to expansionary territory in November.
  • Beyond manufacturing, Services PMIs have generally been more positive and in the US and Europe picked up in Q4.
  • In advanced economies domestic demand has been underpinned by labour markets which weathered 2019’s weakness in manufacturing fairly well: overall employment was resilient and wages were rising.

To find out more, read the full capital markets update here.

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