Dear Investors, This week we discuss whether the worst of the trade-related slowdown is behind us in view of the latest developments in US-China trade relations. Key takeaways: - Data suggests the worst of the global economic slowdown is past
- The US/China trade dispute shows signs of improvement
- China has the tools to manage a stable slowdown
- While US consumer spending may help avoid a recession, it won’t stop a slowdown
- Low economic growth will persist, but the end of the cycle does not look close.
Best regards, Stéphane Monier Chief Investment Officer, Lombard Odier Private Bank |