Global equity markets' abrupt sell-off, a fortnight ago now, emphasised equity markets' fragility in the latter stages of a mature economic cycle.
President Donald Trump may well continue to exert a major influence over markets as he berates his Federal Reserve chairman, tweets as to how he wants a weaker dollar - especially against those that have built up large current account surpluses - and pursues his own unique policy; create a problem, solve it and win public approval (votes).
President Trump reasoned that those countries with substantial current account surpluses should have a stronger currency.
He has a point, but his main goal is to be re-elected. Increased global equity market volatility may be collateral damage in that journey.
The spat with China has had a damaging effect on other Asian currencies and many investors are consequently 'overweight' to emerging markets, dominated by Asia within the relevant index.
The convention in global investing is to predict national or regional GDPs on an annual basis and to allocate geographically based on those estimates.
This usually means a reasonable weighting to emerging markets as that is where the greater growth prospects tend to lie.
Logically, a global portfolio might want to be exposed to long-term themes as drivers of returns. Geographic allocations then seem less important and become a by-product of allocating to themes like living longer.
One such theme now gaining a lot of traction in global portfolios is ESG/sustainability, and it is not going anywhere other than having greater prominence.
In Japan and Europe, growth and inflation are hard to come by. There is an over-reliance on monetary policy.
There is so much government debt with negative yields, that talk of further monetary easing seems rather pointless.
With the ECB's deposit rate at a negative 0.4%, some other stimulus is needed to energise a faltering European economy with a defective banking network.
Sizeable gains have been made in the global sector year-to-date, and accommodative monetary policy may sustain markets.
Peter Askew is CEO and fund manager at T. Bailey Asset Management
• Monetary policy remains accommodative in most markets
• Quantitative tightening has finished early in the US
• Trump's sabre-rattling will likely cause further volatility
• Markets could be over-optimistic over future US interest rate cuts