Quarterly Outlook
Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
Christopher Dembik
Head of Macroeconomic Research
Summary: Since last May, when the trade war with the US intensified, China has shifted towards looser monetary policy and stimulus efforts. So far the biggest impact of easing is that it has contributed to boosting the credit impulse – a key driver of economic growth – back into positive territory.