Capital Market Outlook
November 25, 2019
IN THIS ISSUE
- Macro Strategy—Going Granular: U.S. Trade at the State Level — While the macro trade data don't suggest much pain or ill effects from U.S.-China trade tensions, state trade export data suggest otherwise, especially among many key battleground states.
- Global Market View—Keeping an Eye on International Equities — While we maintain our preference for U.S. equities over the rest of the world, we recently placed non-U.S. equities on our upgrade “watch list" as we head into 2020. We outline why, and what we would need to see before getting more constructive on international equities.
- Thought of the Week—Is sentiment starting to turn? — The “most hated bull market ever" has endured plenty of shade from investors this year, even as equities shake it off with impressive gains. But most recently the script has flipped, and we've seen a wave of optimism with many measures of sentiment flipping to neutral or positive.
The opinions are those of the author(s) and subject to change.
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