Davos brief

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BlackRock’s 2020 investment themes

  • We see an inflection point in global economic growth as easier financial conditions start filtering through. The growth mix is shifting as the modest pickup is likely to be led by manufacturing, business spending and interest rate-sensitive sectors such as housing. 

  • We see economic fundamentals driving markets in 2020, with less risk from trade tensions and less scope for monetary easing surprises or fiscal stimulus. Major central banks appear intent on maintaining easy policies – and interest rates and bond yields look likely to linger near lows.

  • Yields are testing lower limits in developed markets, making many government bonds less effective portfolio ballast in equity market selloffs. We believe a focus on sustainability can help add resilience to portfolios as markets wake up to environmental, social and governance (ESG) risks.

Elga Bartsch
Elga Bartsch
Head of Macro Research, BlackRock Investment Institute
Elga Bartsch, PhD, Managing Director, heads up economic and markets research at the Blackrock Investment Institute (BII). BII provides connectivity between BlackRock's ...
Chief Investment Strategist, BlackRock Investment Institute
Mike Pyle, CFA, Managing Director, is Global Chief Investment Strategist for BlackRock, leading the Investment Strategy function within the BlackRock Investment
Tom Donilon
Chairman — BlackRock Investment Institute
Thomas E. Donilon is Chairman of the BlackRock Investment Institute. He served as National Security Advisor to President Barack Obama.
Brian Deese
Managing Director, Global head of Sustainable Investing
Brian Deese, Managing Director, is Global Head of Sustainable Investing at BlackRock. The Sustainable Investing team is focused on identifying drivers of long-t
Jean Boivin
Jean Boivin
Head of BlackRock Investment Institute
Jean Boivin, PhD, Managing Director, is the Head of the BlackRock Investment Institute (BII). The institute leverages BlackRock’s expertise and produces proprietary ...