November 2019: Investment Strategy Update

We are now positive on equity markets in both the short and medium term. We believe that caution is no longer necessary as political risks are diminishing (the imminent development of a cease-fire between China and the US, a highly-likely negotiated Brexit deal after the elections) and leading economic indicators are stabilising, pointing to a rebound in economic growth in the second half of 2020. Financial conditions are very favourable to companies: interest rates are low and central banks are pursuing very accommodative monetary policies. Equity markets exceed their February 2018 highs; technical conditions will favour a continued rise.

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