2020 outlook: late-cycle relief

Key Takeaways Macro: We expect a late-cycle relief rally in 2020 as industrial production rebounds and recession risks recede. Fixed income: With global growth likely to revive and central banks on course to keep short-term interest rates low, yield curves should steepen. Currencies: The US dollar may correct from the position of strength it has sustained for several years, relieving pressure on emerging market currencies Emerging markets: Despite the headline noise, most emerging markets…

Prescribed assets: a high price

Damning new data shows how bad savers had it under apartheid’s prescribed assets. Just how much could local pension fund members lose out if the government went ahead with a prescribed assets push? A lot, as it turns out. Isaah Mhlanga, executive chief economist at Alexander Forbes Investment, says there was a huge opportunity cost in the prescribed assets regime between 1956 and 1989. Back then, the apartheid government forced…