Former Obama-appointed US Treasury official on recession outlook
Following calls from regulators to cut payouts
Investors could be forgiven for thinking that nowhere is an immediately appealing prospect for investment right now, least of all Europe.
The bull/bear debate in credit markets in 2020, is whether we face an early 1980s-type bear market or a 2008 valuation scenario.
European economic data has been largely positive.
In a world of slow yet steady, non-inflationary economic growth, interest rates are likely to remain at relatively low levels over the medium term.
After some volatility during the summer, Q4 2019 added to the rising tide experienced by European equity markets since the dip in late 2018.