Markets have enjoyed a very strong start to the year.
We are, however, conscious that these strong market returns are in spite of a number of material headwinds that are likely to become more pronounced as we move into the second half of the year and the traditionally quiet summer period. The primary headwind is general tightening of financial conditions, particularly in the US. This is concerning given the lack of momentum in that economy at the current time. The second headwind is the falling living standards, elevated personal debt and heightened political risk in the UK. We also note the apparently well managed, but notable, sl...
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