Central bank intervention
From the viewpoint of structural and market risks, 2019, like 2018, was characterised by low inflation in the main economies and by the actions of central banks, which provided liquidity and intervened in the public debt markets. In certain markets, systematic purchases of public debt by central banks triggered a reduction in market depth.
Over the year, the equity markets marked a positive performance as it became clear that no economic recession was at hand. The performance of the US markets stands out, where indices reached historic highs.