2019 Q3 Global Markets Review & Outlook

After rising 16.2% in 2019’s torrid first half, global equities took a breather in Q3—finishing flat for the quarter. As we anticipated, equities had more short-term volatility than earlier in the year, which slowed gains.

  • Expect the Bull Market to Continue: We expect global markets will continue climbing though likely at a slower pace and with increased volatility than earlier in the year.
  • Strength in Services is Underappreciated: In both developed and emerging markets, a strong services sector more than offsets weakness in global manufacturing that should prove temporary.
  • Dour Sentiment has Potential for Upside Surprise: Tail-risk political events, like Brexit, populism, impeachment and trade wars have dragged sentiment to unreasonable levels.
*The foregoing information constitutes the views of Fisher Investments based on information believed to be reliable. There can be no assurances that Fisher Investments will continue to hold these views. These views may change at any time based on new information, analysis, or reconsideration.
About Fisher Investments

Founded in 1979, Fisher Investments is an independent, fee-only investment adviser with $189 billion under management.* Fisher Investments maintains four principal business units, Fisher Investments Institutional Group, Fisher Investments Private Client Group, Fisher Investments 401(k) Solutions Group and Fisher Investments Private Client Group International, which serve a global client base of diverse investors. The clients of Fisher Investments and its affiliates include over 100,000 clients. Founder and Executive Chairman Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 09/30/21)