monetary policy

Opens existing strategy up to retail market

The European Central Bank (ECB) has been much more dovish this year as macroeconomic conditions in the eurozone have quickly deteriorated.

Bullish on risk assets

Largest democratic exercise ever taken

US/China and Brexit behind selected calls

Growth in the eurozone is slowing to stall-speed. The most recent raft of indicators point to weak manufacturing activity, with German data at lows last seen in 2009.

Economic and investor implications

Growth could be unimpeded by trade tensions

At the start of 2019 there were three main reasons to be bearish.

The most significant consideration for all investors in the US is the actions of its Federal Reserve.