Is the market immune to macro shocks?

Prudence required to navigate choppy waters

It all seems a bit frenetic at the moment, doesn't it?

Long gone are the reassuringly (if artificial) benign times of 2017, where markets were bid up seemingly without heed to what was going on in the real world. Today, there can be no doubt that there is plenty going on.   Quite a lot of the noise is unhelpful. Barely a day goes by without a presidential tweet, a Brexit deadline, an inverted yield curve or a data surprise to knock the market off its stride. The movement of worldwide equity markets is now undoubtedly better attuned to the macroeconomic and political backdrop than a year ago. Is this correct, or are the current fears...