Equity Outlook  |  Q4 2019

A market of mixed messages

Equity Team

A market of mixed messages

IN THIS QUARTER'S EQUITY OUTLOOK - Download PDF

We enter the final quarter of the year with a somewhat puzzling backdrop for equity investors. GDP growth across global markets remains in the positive range of the past decade. However, trends that typically signal pullbacks, slowing growth, or even recession have been intermixed with positive economic data and signs of strong consumer confidence.

Are equity investors bullish or nervous, and what is the likelihood of recession in the year ahead? We take a look at positive and negative trends — from the surprising drop in Treasury yields to the impressive financial results from many businesses in the consumer sector. We also analyze the U.S. housing market and the potential effects of the U.S. presidential election on health-care stocks.

GDP growth has been positive, in a narrow range over most of the decade

Next: Making sense of the market's rise


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We enter the final quarter of the year with a somewhat puzzling backdrop for equity investors.