Quarterly Outlook
Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
Steen Jakobsen
Chief Investment Officer
Summary: EM assets are trading at a deep discount, but a shift in growth leadership from the US to China could lead to a weaker US dollar, which would support commodities and EM again. Meanwhile the simmering Sino-US trade war heightens the risks for the global economy, and we are at a crossroads on several fronts: globalisation, geopolitics, and economics.