Feature

Following the Conservatives' victory in last year's General Election, the UK has left the EU and, according to current plans, entered a transition period until the end of 2020.

2019 marked the end of a strong decade for financial markets and a year that punctuates many of the same themes of the decade: US equities outperforming international equities, growth outperforming value and ongoing historically low global interest rates....

Following a strong showing in 2019, we expect Asia's fixed income markets to benefit from supportive investor sentiment as underlying economic growth in the region stabilises in 2020.

Japanese stocks appear to be vulnerable to a multitude of risks.

What lies ahead in 2020? Will the US economy tip into recession or accelerate? Will Brexit make or break the UK and its erstwhile partners in Europe?

Many investors are worried about the potential impact of the coronavirus. Only one case has been reported in Japan so far, though the authorities have quarantined a cruise ship with affected passengers on board.

In a world of slow yet steady, non-inflationary economic growth, interest rates are likely to remain at relatively low levels over the medium term.

It is shaping up to be an eventful year for investors with January alone presenting two unforeseen events – an escalation in US-Iran tensions and fears about the impact of the coronavirus outbreak.

Asian equity markets have underperformed developed markets since around the taper tantrum in 2013, driven partly by monetary policy and tax cuts in the US and partly by investors’ caution on Asia.

Last year's contraction of manufacturing and industrial output was the third of the current economic cycle, influenced by dollar strength, the trade war, and the impact of strikes at General Motors and the grounding of the Boeing 737 Max.