Entries by Drew Millard

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November 2019

Global growth continues to be weak, with the global economy impacted by the U.S.-China trade war on the one hand, and global monetary easing on the other. The trade standoff has taken a toll on business confidence, industrial production, and trade flows. It has weighed heavily on global manufacturing and hit export-oriented economies, including China, […]

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October 2019

Having already slowed from 4% to 3%, world GDP growth is set to take another leg down as growth in advanced economies slows to its weakest pace since 2012.1 Under the cloud of protectionism, global trade flows, which have been decelerating due to tariffs, are now outright contracting on a year-on-year basis. As a result, […]

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Q4 2019 Outlook

Section 1: Q4 2019 Outlook   Globalization Has Changed the Global Economy. Are We Now in a Period of De-Globalization? Our investment approach is focused on the expected behavior of asset classes in various economic environments. Our research shows that in addition to five broad economic environments – Growth, Stagnation, Inflation, Recession and Chaos – […]

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September 2019

While geopolitical developments have always played a role in economies and markets, their scale and impact has been steadily rising since the 2008 financial crisis. Against a hostile trade backdrop, the global economy is losing momentum. Forecasts for world GDP growth this year have fallen to 3.2% from the 3.9% economists expected a year ago.1 […]

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August 2019

The pace of global growth continues to slow this year as policy uncertainty takes its toll on the world’s economy. The 1% decline in global growth over the past year in conjunction with the trade war and a number of geopolitical conflicts raises the risk of recession as the rules-based approach to governing international trade […]

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July 2019

The pace of global growth is slowing this year as policy uncertainty takes its toll on the world’s economy. Data points to the global economy expanding by 3.3% this year, slower than 2018’s 3.6% pace, with trade volumes declining and business sentiment deteriorating. 1  Central bank actions and intentions have boosted both equity and bond markets […]

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Q3 2019 Outlook

Section 1: Q3 2019 Outlook   The Danger of Politicizing the Central Bank As we enter the third quarter of 2019, we review recent global monetary policy and question how it has changed the traditional ways that we use it to detect risk in markets and the global economy. The global economy is expected to […]

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June 2019

Our outlook is focused on tension between politics, policy and the positioning of the corporate sector. The world economy remains vulnerable to the U.S – China power play. If tariffs persist or are ramped up further, already weak world trade volumes will struggle to gain traction. In addition, rising political conflict (Brexit and Italy) and […]

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May 2019

The global economy entered 2019 facing headwinds that included the ongoing uncertainty around the U.S. war on trade, a series of idiosyncratic events in the Euro area and the U.S. government shutdown. In April, the IMF lowered its growth forecast for 2019 to 3.3% from the previous level of 3.5% in its latest World Economic Outlook. This […]

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April 2019

The current global economic expansion is already one of the longest in the post-war period, beginning in the second quarter of 2009 and now almost a decade long.  After three years of upgrades to global growth projections, the last three or four months have seen modest downgrades from organizations such as the IMF and the […]