Exposure rates of the Dorval Asset Management Range – 4th January 2019

2019 is picking up right where 2018 left off – after greater synchronized growth in 2017, followed by diverging trends between the US and the rest of the world in 2018, we are now getting to a synchronised slowdown in 2019.

US growth is getting back to its more usual pace due to the comparison with levels after last year’s tax cuts, the slowdown in world growth and the damaging impact of trade tension and political pressure on confidence, including the recent issue of the government shutdown in the country. The severe decline in manufacturing new orders in the December purchasing managers’ survey, shedding 11 points, flags the deterioration in the US economic outlook (cf. chart 1).

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