We invite you to explore the 2020 global investment landscape

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Watch as our investment professionals, moderated by Neil Siegel, global head of marketing and product, share their perspectives on the markets, asset classes, and the possible shape of things to come.

PANELISTS
John Leonard

John Leonard

  • Global Head of Equities
    Macquarie Investment Management
Daniela Mardarovici

Daniela Mardarovici

  • Co-Head of Multisector/Core Plus Fixed Income
    Macquarie Investment Management
Andrea Mody

Andrea Mody

  • Client Solutions Group Americas
    Head of Alternatives
    Macquarie Asset Management
MODERATOR
Neil Siegel

Neil Siegel

  • Global Head of Marketing and Product

Our Outlook 2020 brings together Macquarie investment professionals from around the world to capture the themes that we expect will drive market conditions in the coming year.

Things to know

Global equitiesSlow growth and opportunity

Investment teams across our global equity franchise have geared up for stock pickers' markets, ready for an environment of continued slow growth with pockets of investment opportunity. We’re anticipating that growth may slow in key regions, with the US story continuing to be slow growth, and not no growth.

RatesOnce-unthinkable conditions persist

Nowadays, many once-unthinkable macroeconomic conditions are becoming accepted as normal. The ongoing growth of negative-yielding debt worldwide illustrates the need for investors to prepare for more of this “abnormal” landscape.

EconomyRecession at bay?

Late-cycle cracks are appearing as global trade drags, while economic conditions in Europe are currently soft. Yet many usual signs of recession are absent, and the US in particular has support from a strong labor market and consumer spending. A slip in corporate profits 2020 would signal to stock investors weaker capital spending. Also watch credit markets, in particular high yield spreads, for signals as to whether this cycle can be extended again.

InflationStill elusive

A common theme worldwide is inflation biased to the downside. Digital technologies and supply-chain innovations suppress pricing power, while a range of other broad structural challenges – from global debt, to demographic trends, to deglobalization – are being left unaddressed, and contribute to inflation remaining elusive. Investors can generally proceed with an expectation for inflation to likely stay contained and suppressed in the near and medium term.

 

Ideas to grasp

Alternatives and real assets step out

In a world of continued low and negative yield, overall demand for alternatives and real assets drove industry assets under management to more than $US9.5 trillion in early 2019 (source: Preqin). Rising competition, "product innovation," and interest in sustainable investing appear poised to broadly drive demand for alternative investments as the 2020s unfold.

ESG is for keeps

The sustainable finance market has surged in recent years. Growth in renewable energy solutions; strengthening environmental, social, and governance (ESG) policies; and a growing need for sustainable development worldwide figure to reshape the investment landscape in the decade ahead.

Emerging markets lead the way

Today, some emerging markets (EM) are at the forefront of innovative change, such as in adopting modern, innovative physical infrastructure and meeting ESG challenges. Increasingly, in a world influenced by two major economic forces — the US and China — the tug of war for EM influence has potential to be a driver of global growth.

Technology drives change

Technology continues to be a key catalyst for change in both developed and emerging markets — and should continue to be in the new decade. One example is a new data technology on the horizon — 5G mobile networks and its power to transform areas from artificial intelligence to robotics, with potential to alter entire markets.