Feature

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.

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.

Threats from Trump

Commitment from government

'Eye-watering valuations'

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