February 12, 2020
The bullish narrative includes a number of strong tailwinds including: 1) reduced trade tensions; 2) ample monetary accommodation with major central banks sounding committed to low rates; 3) potential US earnings inflection based on Q4 results and; 4) signs of stabilizing global growth. The current bearish narrative is mostly focused on coronavirus-linked business/supply chain disruptions having a larger, more lasting negative impact on global growth.
Above trend global growth was our key theme heading into 2020. Read about the growth indicators that gave us the hint in today’s Morning Notes…