2019 Q4 Global Markets Review & Outlook

Global equities capped the strongest year since 2009 with Q4’s 9% gain, lifting full-year returns to 26.6%. We expect the bull market to continue in 2020, although returns are unlikely to match 2019’s magnitude.

  • Expect the Bull Market to Continue: We expect global markets will continue climbing in 2020, likely at a slower pace with more volatility than 2019.
  • 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.
  • Sentiment is Improving but Still not Euphoric: As big fears from 2019 haven’t materialized, strong returns have slightly closed the gap between sentiment and reality but equity markets are still far from euphoric.
*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)