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Capital Market Outlook

November 11, 2019

November 11, 2019


  • Macro Strategy Oil-market Outlook Still Revolving Around Excess Supply The swing in the U.S. from a major crude-oil importer to an almost-self-sufficient top producer has crowded out less-reliable exporters and greatly increased the security of supply, helping keep oil prices in check despite heightened geopolitical tensions and various supply curtailments this year.
  • Global Market View — Will the “Twin Deficits” Matter in 2020? — The U.S. current account deficit and federal budget deficit have continued to deteriorate as we head into the next decade.
  • Thought of the Week — Happy Birthday to the Worldwide Web — October 29 marked the 50-year anniversary of the creation of the internet, an invention that has helped to shape the global economic and investment landscape ever since.

Read the full issue here

Important Disclosures


Opinions are those of the author and are subject to change.


This material was prepared by the Chief Investment Office (CIO) and is not a publication of BofA Merrill Lynch 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. There are special risks associated with an investment in commodities, including market price fluctuations, regulatory changes, interest rate changes, credit risk, economic changes and the impact of adverse political or financial factors.


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