Skip To Content
Back to all issues

Capital Market Outlook

November 4, 2019

November 4, 2019


  • Macro Strategy Earnings Stall Likely Over — Excessive pessimism set the market up for a favorable reaction to better-than-expected third-quarter earnings results. In our view, the stage is now set for a turn to the potential upside for 2020 corporate profits as the global economy begins the fourth mini-cycle rise of this record-long expansion.
  • Global Market View — Global Demographics: The World is M.A.D. — We disagree with the notion that demographics are boring, glacial and irrelevant to today’s investment climate. Shaped by three powerful forces—unprecedented waves of (M)igration, record-breaking levels of global (A)ging, and accelerating rates of population (D)ecline in a number of key nations—the world is M.A.D.
  • Thought of the Week — What “Doctor Copper’s” Prognosis Might Mean for Markets — As a common input into building, machinery and consumer equipment, copper is historically cited as a leading indicator used by analysts to help project economic activity. Its recent ascent also coincides with a recent pickup in other leading indicators, potentially foretelling a fourth mini-wave of global expansion.

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.


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.

A Merrill Contribution
< Previous
Capital Market Outlook
Back to all issues

Learn what it’s like to work with a Merrill Lynch financial advisor

Our financial advisors are committed to putting your investing needs, wants and priorities first. Here’s how you can get started with an advisor.

Search by location

Contact us


You need to answer some questions first

Then we can provide you with relevant answers.

Get started