Part of the June equity market rally was driven by growing investor expectation of a July rate cut in the US, which we believe is overdone.
Global bond yields continue to crash through zero
Europe's run of poor manufacturing and trade data continued in June.
Nomination facing resistance from European Parliament
Perhaps surprisingly, Europe was the second best-performing regional stockmarket in the world in the first half of 2019.
In times of uncertainty and geopolitical tensions, corporate bonds with an investment grade rating are commonly considered as the new safe havens.