Global Market Outlook 2020


Rick Lacaille
Global Chief Investment Officer

The Only Way Out Is Through


Our Macroeconomic Outlook


Real GDP Growth 2018 (%) 2019 (%, projected) 2020 (%, projected)
World 3.6 3.2 3.4
Advanced Economies 2.2 1.7 1.7
    US 2.9 2.3 1.9
    Eurozone 1.8 1.1 1.3
    Japan 0.8 0.9 0.3
    UK 1.4 1.2 1.4
    Australia 2.8 1.9 2.5
    Canada 1.8 1.4 1.7
Developing Economies 4.5 4.2 4.6
    China 6.6 6.1 5.8

Our Equity Market Outlook



Our SPDR ETFs - how to play the theme


Emerging Markets

EMRG SE

SPDR MSCI Emerging Markets UCITS ETF


Volatility Management

USDV SE

SPDR S&P U.S. Dividend Aristocrats UCITS ETF


Hedging Currency Risk

USDE SE

SPDR S&P U.S. Dividend Aristocrats EUR hdg UCITS ETF


Our Fixed Income Market Outlook



Our SPDR ETFs - how to play the theme


Stay liquid or chase rallies

GCVB SE

SPDR Thomson Reuters Global Convertible Bond UCITS ETF


Manage duration as a portfolio hedge & focus on quality

TRSX SE

SPDR Bloomberg Barclays 7-10 Year U.S. Treasury Bond UCITS ETF


Emerging Market Debt - need for real yield

EMDL SE

SPDR Bloomberg Barclays Emerging Markets Local Bond UCITS ETF (Dist)


Investment Considerations



Seeking growth and income in emerging markets



Managing Volatility



Currency



Climate Risk



Our SPDR ETFs - how to play the theme


ESG as a core equity alternative

600X SE

SPDR STOXX Europe 600 ESG Screened UCITS ETF


Closing Thoughts


Footnotes
Disclosures