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Capital Market Outlook

January 6, 2020

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January 6, 2020


  • Macro Strategy The Path of Least Resistance — A gradual improvement in global manufacturing and trade growth appears increasingly likely in 2020. In the U.S., the expansion should continue at a moderate pace, with households in a strong position to extend the cycle. 
  • Global Market View The Bull Rumbles On — The bull market in equities rumbles on, supported by a number of variables including monetary accommodation from the world’s top central banks, a trade truce between the U.S. and China, and reflationary fiscal measures in some of the world’s largest economies. 
  • Thought of the Week — Keeping Score: New Year, New Market — Twelve months ago, few could have imagined the S&P 500 delivering the biggest annual gain since 2013—capping 2019 in excess of 31% (total return), leaving the investor community wishing past performance was in fact indicative of future returns.

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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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Capital Market Outlook
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