ACM Outlook 2019
2019 will be a transitional year. Underlying fundamentals will continue to drive global growth, albeit at a slower pace, with valuations reflecting this adjustment in reality. We do not predict a recession, but a return to sanity as growth comes at a cost as we depart from the historic decade of nil level interest rates. Markets will become increasingly volatile in the mid term as it adjusts to the new equilibriums. There are several points we want to draw attention to in the coming year that will contribute to market movement: