Check out the most recent quarterly outlook videos from RBC Global Asset Management
Headwinds from protectionism, fading fiscal stimulus and less favourable financial conditions continue to weigh on the global economy. After strong growth in 2017 and 2018, we are expecting a mild slowdown to rates that remain quite good by post-crisis standards.
Central banks are no longer actively tightening monetary policy and bond yields will probably be contained. We have lowered our forecasts for 10-year sovereign bond yields across major regions versus last quarter.
Stocks have had a good run so far this year and, in our view, economic growth should be sufficient to deliver moderate corporate-profit gains that would sustain mid-to-high single-digit increases in North American equities, and low double-digit returns in international and emerging-market stocks.