The disconnect between the market and economic fundamentals should resolve itself, with the outlook for risk assets this year broadly positive, according to BNP Paribas Wealth Management’s house view for 2019.

Speaking to reporters in London this week, chief investment officer Florent Bronès excluded the risk of recession this year, despite ongoing political concerns likely to cause continued disquiet amongst investors – Trump questioning the Fed’s independence among the latest example.

2018 had been a year with nowhere to hide: “One characteristic was the high correlation between all asset prices,” Mr B...