US-China relations

Trade tensions with US dragging growth

Average rate hit nearly 1.5% in May

In the first half of 2019, the uncertainty surrounding Federal Reserve policy and US-China trade negotiations affected the outlook for all asset classes including global small-cap stocks.

Global economic cycle is among the longest in history

Red flags

Global macroeconomic indicators have undoubtedly become softer, as the US nears full employment and Europe's manufacturing sector continues to suffer from the effects of weaker trade with China.

Technology and politics among key themes

'Markets will need to get used to this'

Central banks in tight position in case of downturn

US markets still not without dangers