2019 is likely to start with global equities in the current cyclical bear, but we are expecting double digit returns in 2019 with a low by mid-year. We are watching for Emerging Markets to outperform after the lows. Expect global economic conditions to improve in the second half, and we anticipate oil prices to end the year higher, remaining in its secular bull market. European hurdles will drive global bond yield and credit trends.
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