As for bonds, inflation-linked and corporate securities look more attractive than government securities issued by the developed countries, where interest rates are low.
The effects of climate change are very real. Moreover, a number of central bankers have clearly identified climate change as a risk to global financial stability.
It seems that the United States, and its president, will again be the centre of the universe this year. We must keep an eye on the presidential election, whose outcome could disrupt the markets.
Renewed economic growth in a context of full employment could generate inflation and cause investors to react accordingly.
It’s always the most worrisome factor. The Wuhan virus is an example of an unforeseeable event that could muddy the waters.
This cautiously optimistic view of 2020 is also a risk we should take into account. Bad news always has a greater impact when the mood is festive.
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