Instead, global investors should be poised to grapple with lackluster performance over the next six to 12 months, despite a generally positive first half of 2019, the strategists said.

The survey was completed in July, just before the latest flare-up in the trade negotiations between the U.S. and China. However, despite two years of counterpunching between the two global superpowers, spillover effects from the trade war ranked second to a messy Brexit as the biggest downside risks to the global economy, the strategists said.

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