Kieron Launder: 2019 first quarter update

Central banks reverse normalization policy

Fixed income markets have rallied strongly after the Fed and ECB stepped back from raising interest rates. Trillions of dollars worth of debt once again trade with negative yields.

Politics and populism

Populism will continue to challenge policymakers and, potentially, markets. Meanwhile, China continues to grapple with its newfound status as a leading global power.

Volatility returns

The stock market has seen four swings greater than 10% since the beginning of 2018; in the previous two years, there was just one move of this magnitude. We see this as a return to more normal levels of equity market volatility.


This article is issued by Cazenove Capital which is part of the Schroder Group and a trading name of Schroder & Co. Limited, 1 London Wall Place, London EC2Y 5AU. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Nothing in this document should be deemed to constitute the provision of financial, investment or other professional advice in any way. Past performance is not a guide to future performance. The value of an investment and the income from it may go down as well as up and investors may not get back the amount originally invested. This document may include forward-looking statements that are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. All data contained within this document is sourced from Cazenove Capital unless otherwise stated.

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