They’re not so much black or gray swans as they are huge, hulking condors.
Morgan Stanley Wealth Management has released a list of 10 geopolitical risks looming for markets in 2019 that’s keeping its team awake at night. Call it a fear gauge for the globe.
While some scenarios are seen as “frightening but unlikely,” many of the themes will be familiar to investors stumbling to the end of the current, bruising year.
Here’s the full list, from most to least likely:
1. Trade Escalation Weighs on Margins
2. New Hawkish ECB Chair
3. Middle East and Lower for Longer Oil
4. Forget Populism, Anti-Establishment and Inclusion
5. Perfect Western Democratic Storm
6. Tighter Liquidity and EM Crisis