The Bull Ain’t Done

The bull ain’t done

Here’s the summary of the investment outlook strategy for 2018 by DBS Chief Investment Office.

Financial markets began 2017 with much scepticism; few believed the global bull market, led by US stocks, could go further – especially after an unabated run from 2010.

But as always, markets never fail to confound.

All told, global stocks went up 20% in 2017 – this time led by Asia, which climbed 35%! What about 2018? Surely today’s valuations are high and markets must fall?

We continue to think not. Instead, we believe tailwinds – from synchronised global growth and low inflation – will trump valuation concerns.

In this publication entitled “The Bull Ain’t Done”, we argue our case for being overweight on equities, with a preference for Asia and the US over Europe. We stay neutral on bonds, preferring Emerging Market corporates over Developed Market and Government bonds.

In addition, we summarise our global economic and currency views, and feature a special spotlight on China post the recently-concluded 19th National Congress. On investment themes, we highlight China’s Belt and Road Initiative, Asian Dividends, and the global sectors of Financials and Technology.

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