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Language Notification

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

mid-year-outlook-2020-is-out-now

Perspectives

Mid-Year Outlook 2020 is out now

Peter Clive Charrington

By Peter Clive Charrington

Global Head, Citi Private Bank

June 4, 2020Posted InInvestment Strategy

I am very pleased to share with you our Mid-Year Outlook 2020, which sets out our expectations for the global economy and markets for the rest of 2020 and beyond.

View the full report, videos, and other materials.

This is a rare and remarkable time. The worst pandemic in more than a century led to an engineered collapse of the record-long economic expansion since 2009. Now, though, brand new economic and market cycles are getting underway. We expect a more rapid rebound than many others do. But just as the COVID collapse is no ordinary recession, we stress that this will be no ordinary recovery.

While beaten-down bargains are less widespread than in previous new cycles, we identify many markets with greater rebound potential. Among the various opportunities we highlight are emerging markets, small- and mid-cap equities globally, and certain sectors that were hit much harder by the pandemic-driven shutdown. History also suggests that private equity, real estate, and hedge fund managers could see many more opportunities over the next year or so.

As the world begins the transition from fear to prosperity, we believe that a new approach to investing is required. The impact of unprecedented stimulus measures upon valuations has also prompted us to revise our long-term asset class return estimates. In particular, very low rates mean that many bonds will no longer help diversify portfolios as they traditionally have. We therefore suggest long-term diversification changes to most asset allocations. With many clients holding far too much cash, we reiterate the folly of market timing and the importance of getting fully invested and staying that way.

We very much hope that you will be able to join us at our forthcoming series of Mid-Year Outlook 2020 livestream events, and put your questions directly to us.

Today’s new cycle is a time to prepare yourself, your family, and your wealth for the opportunities and risks that lie ahead. 

Your relationship team stands ready to work with you to customize our ideas for your portfolio.

Thank you for the trust and confidence you place in the Private Bank.