After a thundering performance in 2019, American ultra-large companies, mainly tech, will take a back seat as hawkish regulators and politicians make themselves heard, said a report from Capital Economics.

In the United States, the leading Democratic Presidential candidates are widely known to favor stronger anti-trust investigations and in the EU bloc’s competition chief, Margarethe Vestager, has signaled she would like to do more in her second term in charge. Capital Economics said an index of the top 10 S&P constituents, by weight, had risen more than 35% – handily beating the S&P’s 25% and the rest of the market’s 23% gains.

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