Exposure rates of the Dorval Asset Management Range –22nd November 2019

November’s preliminary PMI stats suggest that world economic growth remains sluggish but is no longer deteriorating.

These figures bolster the fairly broad-based consensus that growth is no longer slowing but rather is poised to remain moderate in 2020, and also fit with the OECD’s outlook presented to the press this week for world growth of 2.9% for 2020, in line with 2019 figures. This lackluster scenario would ironically be good news for the financial markets, as it would mean a stabilization in the economy without the risk of a sharp surge in long-term rates.

 

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