Economic and Financial Market Outlook – Global economy at a tipping point
- Threat of a global recession has risen.
- Global growth to stay weaker for longer, mainly due to escalation in trade wars.
- Tentative signs that the manufacturing inventory cycle is bottoming out.
- Additional monetary and fiscal stimulus activity to continue into 2020.
- US Fed to cut two more times in 2019.
- Market volatility to remain high and equity markets face stiffer headwinds in 2H 19.
- Swiss Franc supported by real yields and safe haven status.