Market trends

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• The Behavioral Advisor Forum will begin September 10, 2020, at 10 am ET.
• Guests will hear from the best practitioners in the field, covering the latest in behavioral finance practices, research, and strategies.
• The Behavioral Advisor Forum coincides withour annual Behavioral Finance Week, September 7-13, 2020, which aims to raise awareness about the impact behavioral biases can have on investors and advisors alike.

INTERVIEW

Interview with La Repubblica

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Tonia Mastrobuoni on 14 November 2019

• In Germany, even though manufacturing is taking a hit, the wider economy, the consumption-driven part of it, is still in good shape.
• Theres no doubt that, compared with 2017, theres been a sustained slowdown, but in the euro area we dont see a recession.
• Our baseline scenario is a recovery in economic performance, but we have been consistent in highlighting that theres also downside risk.
• The OECD said recently that Donald Trumps erratic trade wars might be the main reason for the global downturn, because they discourage investments.
• In recent weeks, compared with the worst-case scenario, theres been some optimism on the US-China trade relationship.
• A deal has been agreed between the UK Government and the European Union, which of course will be tested in the next election.
• The worst-case scenario of a no-deal Brexit in the short term has been eliminated and the uncertainty over it is fading.
• But even under the deal there is going to be a more challenging economic relationship between the United Kingdom and the EU27.
• There is a big discussion about the risk of a secular stagnation in Europe.
• You rule out a recession in the short term, but do you see this risk of a Japanese scenario in the long term?
• It remains a relevant discussion because the big question is: are we going to grow at a low rate of maybe 1% a year?
• Essentially, if the policy choices by governments are more favourable to economic performance, then some of this stagnation fear may fade.
• Do you mean countries that have a fiscal margin to use investments to boost growth, like Germany, should act?
• This is one of the potential gains from being a member of the European Union.
• We have seen many examples where, in a given country, there might have been an intense debate about a particular policy.
• But then a number of years later we see that a country which adopted a particular policy is succeeding.
• Once youre in the safe zone I think that fiscal policy can be conducted differently.
• For a long time the overwhelming focus was on how to make sure the high debt levels came down.
• But at some point that gear shift has to happen for those countries which have been successful.
• And many highly qualified young people choose France or Sweden or Germany because they earn much more.

• The U.S. business climate remains strong with many companies in growth mode despite recent global economic headwinds even as the current economic expansion enters its 11th year according to a new report from Citizens Bank.
• The first-ever Citizens Business Conditions Index is derived from proprietary corporate and public data about business growth and employment across the country, including factors such as revenue, manufacturing volumes and wages.
• An index greater than 50 indicates an expansionary trend and points to improved business conditions for the next quarter.
• The nationwide index sits at a healthy 61.2 for the second quarter of 2019, down slightly from 61.5 in the first quarter.

• The "Surgical Instrument Manufacturing in the US - Industry Market Research Report" report has been added to ResearchAndMarkets.com's offering.
• This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors.
• Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
• However, stagnation in the number of individuals with private health insurance will likely contribute to muted growth over the next five years.