4 to 10 March: Switching to data-watching mode

As the global economy has been going through a phase of slowdown, markets have become increasingly jittery. Is a rebound in economic growth on the horizon that could improve global investor sentiment for a sustained period of time? A cyclical upswing in economic growth (including Europe and China) is likely to prevail soon in the next few quarters, as policymakers (especially central banks) have been doing their best to stimulate their economies. Thanks to the concerted efforts of central banks (e.g. the Fed, ECB, PBoC, RBI, etc.), further meaningful deceleration in underlying growth is highly unlikely, in our opinion, as we foresee a bounce in 2Q-3Q19. Whether the pick-up in growth will be sustained in the longer-term is difficult to tell at this point in time. To have greater clarity on growth prospects, Chinese GDP growth, monthly macro data in the US and the Fed’s Beige Book will be definitely the ones to watch this week.

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