A mixture of downward revisions to global growth forecasts, Middle East tensions and concerns regarding the impact of the coronavirus in China have prompted investors to take profits.
This is understandable given the strong market returns of last year and stretched valuations in a number of markets. Looking ahead into 2020, it is unlikely we will see the same level of returns as those experienced last year. In my view, neither are we at the start of a prolonged market downturn. The decade of the Twenties: Why long-term stockmarket returns should 'reassure investors' Yes, the International Monetary Fund has trimmed its forecasts for global economic growth from 3.4% to 3.3% this year and from 3.6% to 3.4% in 2021. But this is still above the 2.9% growth rates a...
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