From Goldilocks to Humpty Dumpty: The markets in 2018
The much-feared spectre of broad secular stagnation - a view that long-term changes in both demand and supply factors are leading to a structural long-term slowdown in global economic growth - remains a serious concern for investors
2018 has been a tough year for investors. Based on data compiled by the Deutsche Bank research team, as of November 2018, 65.7 per cent of all globally-traded assets were posting annual losses in gross (non-risk adjusted) terms. This marks 2018 as the third worst year on record since 1901, after 1920 (67.6 per cent) and 1994 (67.2 per cent), as Chart 1 below illustrates. Adjusting Deutsche Bank’s data for the last 30 days, by...
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