Our Investment Strategy Recommendations For December 2019

Our convictions for 2020:

a) economic growth will remain moderate and without inflation, we exclude the risk of a recession provided that a truce is signed between the United States and China;

b) bond yields will remain low;

c) stock markets will deliver positive returns thanks to rising profits and dividends. Flows into equities will continue;

d) we need to diversify our bets as volatility will return from time to time during the year.