2017 was a year with all planets aligned: PMIs were accelerating all around the globe, while central bank money was still flooding in; and the dollar weakness was the only weak point for European exporters, but did not restrain markets from rising steeply.
This year is less straightforward. PMIs are slowing down, albeit still standing firmly above the 50 threshold, thus pointing towards expansion; the dollar/euro parity is stabilising but remains a headwind...
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Why the traditional approach of combining bonds and equities is not the best way to improve risk-adjusted returns
Partner Insight: The way in which bonds have been so successfully combined with equities in the past 35 years has been contingent on them delivering high returns in periods of equity market stress. Yet in half of the 20-year periods over the past 120...