Perspectives for Q1 2019

Every quarter, our specialists interpret trends in the global economy and financial markets. Read their views on the first quarter of 2019.

Macroeconomic environment

  • Slowdown in economic growth evident worldwide
  • The Federal Reserve’s monetary tightening cycle is coming to an end.
  • The use of unconventional monetary policy measures will be the default option at the next economic or financial incident.

Financial markets

  • On the equity markets, 2018 was marked by a significant contraction of valuation multiples.
  • The global economic slowdown poses risks to company earnings.
  • Long-dated government bonds and gold benefited from an increase in risk aversion in the fourth quarter of 2018.

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