Heightened uncertainty from trade policy has been a core investment theme this year, but the synchronized central-bank response, especially from the Fed, has been unambiguously supportive of risk assets.
The UK’s departure from the European Union will undoubtedly be a seismic event for the country. While the hit to growth of a no-deal outcome is potentially very serious, we at least see a dynamic UK service sector continuing to reach out successfully around the world.
With interest rates at rock bottom and the impact of financial asset purchasing programs apparently waning, central banks are running out of monetary policy options for tackling the next global economic slowdown.
Selling massive volumes of high-value cars across the world has been one of the foundations of Germany’s economic strength in recent decades. But as the structural switch to electric gets under way, this highly successful model faces severe challenges.