T. Rowe Price T. Rowe Price Trusty Logo

Market Outlook

Midyear Market Outlook 2018

T. Rowe Price

Executive Summary

Recently, our CIOs shared their investment outlooks for the second half of 2018. They discussed the global economic cycle, the path for interest rates, volatility expectations, government policy, and earnings and valuations, and more.


Global Growth Remains Supportive, but Volatility Has Returned

Moving into the second half of 2018, the global economic expansion appears intact, although momentum appears to be slowing in Europe and Japan. Earnings growth has been strong and underlying trends are positive, but peak levels likely were achieved in the first half of the year. Asset classes appear relatively expensive in most global regions, but higher Treasury yields have improved U.S. credit valuations in an absolute sense. Relatively tame inflation is enabling the U.S. Federal Reserve to pursue a moderate course of rate hikes, but U.S. dollar appreciation is creating headwinds for emerging markets. Worries about populist policies could contribute to market volatility. A trade war between the U.S. and China could do significant global economic damage. Technology giants have seen rapid earnings growth. We believe these companies can continue to lead the broad market, despite privacy concerns.

Read More...

Rob Sharps
Head of Investments and Group Chief Investment Officer

Justin Thomson
Chief Investment Officer, Equity

Mark Vaselkiv
Chief Investment Officer, Fixed Income

Market Outlook

Midyear Market Outlook 2018: Global Growth Remains Supportive, but Volatility Has Returned
Dismiss
Tap to dismiss

Download

Latest Date Range
Audience for the document: Share Class: Language of the document:
Download Cancel

Download

Share Class: Language of the document:
Download Cancel
Sign in to manage subscriptions for products, insights and email updates.
Continue with sign in?
To complete sign in and be redirected to your registered country, please select continue. Select cancel to remain on the current site.
Continue Cancel
Once registered, you'll be able to start subscribing.

Change Details

If you need to change your email address please contact us.
Subscriptions
OK
You are ready to start subscribing.
Get started by going to our products or insights section to follow what you're interested in.

Products Insights

GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

Other Literature

You have successfully subscribed.

Notify me by email when
regular data and commentary is available
exceptional commentary is available
new articles become available

Thank you for your continued interest