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Capital Market Outlook

January 13, 2020

January 13, 2020

IN THIS ISSUE

  • Macro Strategy Catalysts in Focus for 2020 — While we remain bullish, there are plenty of catalysts this year that could create risk to the upside or downside for equities. We outline in the attached some of the major catalysts for investors to watch.
  • Global Market View The Permian Put — Tensions in the Middle East are expected to remain elevated over the medium term, although courtesy of the Permian put—aka, a gusher of an oil field in Texas, and America’s rising energy independence—the U.S. is far less exposed to the vagaries of Mid-East politics. 
  • Thought of the Week — Cyberwarfare as a Reality — While state-sponsored cyberattacks by national intelligence agencies or affiliated groups are a growing threat, the U.S. as outlined in the attached is committed to one of the largest defense budgets in the world, helping to bolster our defenses and capabilities.

Read the full issue here

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.

 

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

 

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

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