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Capital Market Outlook

November 25, 2019

November 25, 2019


  • Macro Strategy Going Granular: U.S. Trade at the State Level — While the macro trade data don’t suggest much pain or ill effects from U.S.-China trade tensions, state trade export data suggest otherwise, especially among many key battleground states.
  • Global Market View — Keeping an Eye on International Equities — While we maintain our preference for U.S. equities over the rest of the world, we recently placed non-U.S. equities on our upgrade “watch list” as we head into 2020. We outline why, and what we would need to see before getting more constructive on international equities.
  • Thought of the Week — Is sentiment starting to turn? — The “most hated bull market ever” has endured plenty of shade from investors this year, even as equities shake it off with impressive gains. But most recently the script has flipped, and we’ve seen a wave of optimism with many measures of sentiment flipping to neutral or positive.

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. 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.


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