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 LN

SPDR MSCI Emerging Markets UCITS ETF


Volatility Management

UDVD LN

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


Hedging Currency Risk

SPPE GY

SPDR S&P 500 EUR Hdg UCITS ETF (Acc)


Our Fixed Income Market Outlook



Our SPDR ETFs - how to play the theme


Stay liquid or chase rallies

GCVB LN

SPDR Thomson Reuters Global Convertible Bond UCITS ETF


Manage duration as a portfolio hedge & focus on quality

TRSX LN

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


Emerging Market Debt - need for real yield

EMDL LN

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

ZPDX GY

SPDR STOXX Europe 600 ESG Screened UCITS ETF


Simplify your ESG investing

SPPY GY

SPDR S&P 500 ESG Screened UCITS ETF


Closing Thoughts


Footnotes
Disclosures