VGLT - Market Outlook: Balanced But Still Biased To Upside
Impact of lower rates, China tax cuts and political progress likely to be evident by mid-2019
Weak incoming data, both in respect of profits forecasts and the global economy, are in sharp contrast to the strong performance of risk assets such as equities and corporate credit during 2019. Conflicting narratives can certainly create angst but in this case reflect investors' belief that central banks have acknowledged the slowing global economy. We would concur that easier financial conditions mean relief from negative economic surprises may be in sight by mid-year. Despite having risen sharply in the