Last year's contraction of manufacturing and industrial output was the third of the current economic cycle, influenced by dollar strength, the trade war, and the impact of strikes at General Motors and the grounding of the Boeing 737 Max.
Regardless of your home country, there are only a handful of words across the globe that can elicit a visceral response when spoken among polite company.
Managed by Stephen Mortimer
Low probability of US 2020 recession
Identifying resilient themes
In the US, one exciting opportunity is in sustainable packaging, where volumes are moving meaningfully toward aluminium, which is infinitely recyclable and should have a lower overall life cycle impact compared to plastic.
$12trn of global bonds trading with sub-zero yields
'Train is not going off the tracks'
The most popular phrase of last year revealed
Oil and gas stocks rise amid escalating tensions
Senior fund managers and economists discuss biggest headwinds and tailwinds
Muted equity returns to define the 2020s
Focus on 'fundamental change' in health industry
Greystone Wealth Management is currently at its maximum underweight to North America given the historically high valuations seen in the region. Meanwhile it is rotating marginally from growth into value strategies.
Fear of regulation main driver behind cut in exposure
The headwinds and tailwinds to look out for in 2020
Six managers give their views
North American equity markets have rewarded investors in 2019 and are at or near all-time highs.
US healthcare benefitting from secular tailwinds
Easing trade tensions and growing corporate earnings behind improved metrics
The US dollar has performed well, up more than 7% since the end of 2017, and continues to enjoy a number of supports.
Capital Group, T. Rowe Price and BlackRock register worst records
Could 2019's markets see a repeat of Wall Street in 1929?
What moments have freaked investors out the most?