Everyone likes low prices, but if I said to you the level of Japanese consumer prices are now at the same level as way back in October 1998, then correctly you would conclude something is not quite right.
The UK macro landscape is anything but settled. As Brexit D-Day fast approaches and signs of any tangible progress yet to materialise, markets are gearing up for a prolonged period of uncertainty and confusion.
In client meetings, it is usual to be asked about what we are worried about.
The US administration appears to be targeting export-oriented entities out of China.
We expect the Federal Reserve to maintain its gradual tightening as the US economy extends its growth phase, with short-term rates likely to rise at least three more times to reach 2.5% by next year.
European credit markets were hit this year by the rise in global trade tensions, a sudden spark in equity volatility and further political risks in Europe, mainly Italy.
Geopolitical tensions rear their head in a meaningful way at least once a year, as a number of concerns join forces to generate headlines.
Commitment from government
Real estate 'superior returns coming to an end'
'Perfect storm of threats'
Contagion risk with US and China trade war
Stronger balance sheets than producers
Amid a market that has chopped sideways so far in 2018, the stocks of US retailers have generally performed well, with a number of major name department stores and retailers seeing positive movement to their share price this year.
Quantitative tightening a risk
UK stockmarket under-owned by global investors
There has been a pick-up in volatility in the US market this year after an abnormally tranquil 2017. Concerns about the end of the cycle are mounting amid rising US interest rates and higher inflation and the end of quantitative easing.
Concern over central bank actions
This year has seen the return of market volatility, with the CBOE Volatility Index (VIX, the 'Fear Index') having averaged 16 for the year so far.
'Prepare to go off the beaten track'
Increased share buybacks
While the recent unpredictable geopolitical news flow has created challenges within Russia, it has served to mask a wealth of investment potential.
Once the stuff of science fiction, artificial intelligence (AI) is fast becoming part of our day-to-day reality.
Global markets have fluctuated since the end of 2017, due to the Federal Reserve's accelerated tightening, trade frictions and European political risks.