Analysts at Danske Bank suggest that the global economy after a period of sizeable monetary policy stimulus from major central banks and fiscal stimulus in China is showing tentative signs of stabilization but that there are still risks on the horizon, in particular, the U.S.-China trade war.

• “In our view, the risk of a global recession has declined to 25% (from 30%). We emphasize that the US-China trade talks is a key risk to the global economy in 2020 and with a 50/50 chance of a permanent trade deal between the two sides, there may be considerable uncertainties in the pipeline.”