For a number of months now, the world’s largest survey of fund managers has observed that, when asked for their greatest financial market fear, the most cited response has been a ‘trade war’. There is a significant slug of rationality for this.
Back to School
In the global investment strategy calendar there is only one period of time that can compare with the turn of the year in terms of importance… and that is the back to school period.
Hot, hot, hot!!!
Despite the usual weather downers such as the tennis at Wimbledon or the start of the school holidays, July was a warm month pretty much anywhere you looked in the northern hemisphere. Global stock markets were hot too, led by the out-of-favour emerging markets and Continental Europe. Funny how all throughout June and July the aggregate investment flow data was profoundly negative for both regions…
Squaring Off: A High-Stakes Global Game
Major macro factors affecting the economy and financial markets over the next six to twelve months include trade policy, interest rates, earnings growth, Federal Reserve (Fed) policy, and geopolitical uncertainty.