文件名称：2019全球展望：宏观、地区和股票(英文版).pdf
文件大小：16.01MB
文件格式：PDF
更新时间：2023-03-02 09:45:44
全球展望 股票 宏观
We would sell Developed Market equities into rallies, but remain positive on Emerging Markets, and forecast only a very moderate 3% price return for MSCI AC World in 2019. Our scorecard of preconditions for a bear market now suggests bullish and bearish factors are evenly matched (though the latter are growing), while the risk of a policy error is exceptionally high. We believe US yields are close to a peak. We see the risk/reward in credit as being far less attractive than equities in 2019.