English to Spanish Bus/Financial Finance (general) let-up

• We see global economic growth edging up over the first half of 2020. The unusual late-cycle, dovish pivot by central banks has led to a dramatic easing in financial conditions – one that we expect to start filtering through to the economy and result in an uptick in growth.
• U.S.-China trade tensions are likely to move sideways this year. Yet we see no let-up in U.S.-China strategic competition, especially in the technology arena. Other geopolitical themes on our radar: global fragmentation and domestic polarization, social unrest, and rising risk of cyberattacks.
• We are modestly overweight risk assets due to the firming growth outlook and pause in trade tensions. Yields near lower bounds make government bonds less effective portfolio stabilizers, but we still see U.S. Treasuries providing resilience.

Muchas gracias.