Christian Déséglise

What a difference a year makes! Early last year, investor sentiment was running high. The IMF was hailing “the broadest synchronised global growth upsurge since 2010”. The path of steady monetary policy tightening looked assured in the US. The UK seemed to be following suit and the European Central Bank had started reducing its net asset purchases.

Within a few months, however, a combination of trade and geopolitical tensions, the rise of populism in Europe, and mounting uncertainty around Brexit altered sentiment drastically. The Chinese economy displayed worrying signs of weakness. The

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