The Composite Leading Indicators (CLI) is now recovering

The CLI is rising for the first time in almost two years. This usually has a substantial impact on the returns seen in various asset classes and for various investment strategies.

The equity market ended 2019 with a fine December result. MSCI World (EUR) achieved a full-year return of 30%, with December accounting for 1.2%. Part of the explanation is that the current equity market prices have already factored in an upswing. 

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