Feature

In the US, the consumer is king; spending is at its strongest in four-and-a half years, retail sales are up, jobs and productivity figures are steady and wage growth continues.

European equity markets have struggled to perform since the start of 2018 owing to the relaunch of trade wars by US President Trump, coupled with uncertainty surrounding Brexit.

The US political landscape remains deeply divided as Republicans and Democrats gear up for next year's Presidential election.

Brexit discount means strong stocks are cheap

Valuations across the bond market are looking expensive. The relationship between duration and yield is stretched to the extreme.

Despite a recent sell-off, $17trn in global bonds trade with a negative yield.

Market data is pointing towards a general increase in expectations of a recession in the next 12 to 18 months.

Recent history has been challenging for income-seeking investors.

For most of the world, the economic recovery from the Global Financial Crisis has been weak compared to previous cycles.

Japanese stocks have lagged their global peers so far this year, as uncertainty over US-China trade frictions and the impact on the global economy have clouded the outlook for corporate earnings.