Between imbalance, instability and improvement: global outlook


Stefan Löwenthal

  • Chief Investment Officer — Global Multi Asset Team
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Jürgen Wurzer

  • Deputy Head of Portfolio Management, Senior Investment Manager — Global Multi Asset Team
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Imbalance and instability often have a negative impact on capital market structure and can lead to volatility and fragility. Nevertheless, the build-up of imbalances, and ultimately instability, tends to occur naturally over the course of an economic cycle, and in the late stages may be seen just before a recession kicks in. In their quarterly macroeconomic outlook, “Between imbalance, instability and improvement,” the Global Multi-Asset team examines this phenomenon in the current environment, looking at aspects such as negative interest rates and divergent budget paths in some major economies.

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The views expressed represent the Manager's assessment of the market environment as of October 2019, and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice. Views are subject to change without notice and may not reflect the Manager's views.


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