The threat of a global trade war has escalated, both in the monetary value of the tariffs being levied and the number of nations that are now engulfed in the debate, spreading to include Europe in recent weeks.
The shift from open trade to rising protectionism seems to be gaining momentum and has overshadowed a resilient economic and corporate narrative which we believe will propel risk assets, albeit with volatility.
In our Q3 2018 Outlook, we share our views on the global economic backdrop and the underlying corporate fundamentals. We believe that both are broadly sound and should support a stronger second half of the year.