Global Macro Service > Research Briefings > Global

Party goes on, but expect volatility and smaller returns

Broad-based global growth augurs well for global corporate earnings. Extended earnings cycles should, in turn, support valuations at expensive levels while helping underperformers catch up. Subdued inflation dynamics mean no rout in core bond markets, though limited repricing higher in yields is likely. A soft dollar in such a goldilocks environment will be a further boost. The world of credit contains notable risks. We expect more volatility and smaller returns.

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