September 2019: Investment Strategy Update

A combination of negative factors have weighed on bond markets, taking the historic fall in interest rates to new lows. Factors include trade tensions between China and the US, which are not expected to be resolved in the short term, but also an increasing likelihood of a hard Brexit, Argentina's debt default, and political tensions in Hong Kong.
Nevertheless, the impact of this flight-to-quality movement has not been particularly reflected on stock markets, because the decline has not been exceptional.

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