Anthony Willis: 2019 - a difficult environment but not all bad news

2018 was a year when risk assets began to reprice for a more uncertain future - and, with the vast majority of assets and equity indices producing negative returns, there were few hiding places for investors. The economic data over the course of the year painted a picture of a world economy continuing to grow, but at a slowing pace. Stresses emerged during the summer as a stronger US dollar put pressure on some of the emerging markets, though aggressive central bank responses and a pause in the dollar rally saw the pressure ease over the latter half of the year. Considerable political...