It’s harder to make a case for near-term optimism over stock prices.
As long as trade tensions do not significantly flare up again, equity prices can continue to grind higher.
We expect the economic expansion to continue, but see little to indicate a robust rebound in activity and profits.
Economic data has improved over the past few months, but global manufacturing and trade levels remain weak.
Improvement in manufacturing is key to the outlook for stocks.
We're moderately upbeat about the global economy, but heightened uncertainty mitigates our appetite for risk.
We think equity risks appear roughly balanced, and expect the broad trading range to continue.
We are currently broadly neutral toward stocks and think investors should remain highly selective.
Global financial markets have hit an uneven patch as a result of profound uncertainty about the economy and policy.
Our best guess is that the U.S. is still more than a year away from the next recession, but risks are rising.
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