2019: the year of decoupling between growth and market performance

Edito 2019 was a year of slowing global economic growth but quite an exceptional performance on the financial markets. The latter were undoubtedly supported by the expansionary monetary policies of the major central banks, including the Fed, which turned this year from hawkish to temporarily dovish stance. Numerous episodes of (geo)political uncertainty have thus failed to derail this rally, despite the non-resolution of the most important of these concerns: the trade war and Brexit. The year 2020 would thus inherit these uncertainties to which will be added others, like the one linked to the United States elections. With a slightly stronger global growth next year, would the performance hierarchy reverse?