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Capital Market Outlook

December 16, 2019

December 16, 2019


  • Macro Strategy Local Versus Global — The global economy is transitioning to a new mix of economic policies that are more favorable to national rather than global growth. This shift is increasingly apparent in economic data and is shaping new investment opportunities for 2020.
  • Global Market View Last Call: Some Market Musings at Year-End — Top of mind at year-end: the structural shift in U.S.-Sino relations; underwhelming Europe; the new world disorder; falling U.S. birth rates; ubiquitous cameras; higher global food prices; rising U.S. energy output and health care costs; and the deep value of Kurt Cobain's cardigan sweater.
  • Thought of the Week — It’s Fun To Stay In the USMCA — As a result of the North American Free Trade Agreement, the barriers to trade across the continent are now considerably reduced, but some tension spots remain with areas in need of refresh to bring the trilateral agreement forward into the 21st century. This update comes in the form of the United States-Mexico-Canada Agreement, which appears to be on the precipice of being enacted into law. 

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Important Disclosures


All data, projections and opinions are  as of the date of this report and subject to change.


This material was prepared by the Chief Investment Office (CIO) and is not a publication of BofA Global Research. The views expressed are those of the CIO only and are subject to change. This information should not be construed as investment advice. It is presented for information purposes only and is not intended to be either a specific offer by any Merrill or Bank of America entity to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available.


Global Wealth & Investment Management (GWIM) is a division of Bank of America Corporation. The Chief Investment Office, which provides investment strategies, due diligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group (ISG) of GWIM.


Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.


All recommendations must be considered in the context of an individual investor’s goals, time horizon, liquidity needs and risk tolerance. Not all recommendations will be suitable for all investors.


Investments have varying degrees of risk. Some of the risks involved with equity securities include the possibility that the value of the stocks may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the U.S. or abroad. Investments in foreign securities involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets. Investments in a certain industry or sector may pose additional risk due to lack of diversification and sector concentration.


Bank of America, Merrill, their affiliates and advisors do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.


The Bull Symbol and Merrill Lynch are trademarks of Bank of America Corporation.

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