|
By Guy WAGNER, Managing Director of BLI – Banque de Luxembourg Investments*
After 2017, a year in which all the major asset classes posted significant gains, and 2018 in which they declined, 2019 was again a great year for the financial markets. Despite the continuing trade tensions between the United States and China, uncertainties over Brexit, the slowdown in global growth (in particular, a contraction of manufacturing sector economic indicators) and weak or even negative earnings growth, equity markets recorded their best performance of the past decade, with the MSCI World index gaining over 26% in euros.
Whereas the decline in share prices in 2018 was due to a contraction of valuation multiples, the rise in 2019 can be explained by a...
|