We remain cautious overall as risks of the US election, trade with China, unpredictable geopolitical events and Brexit continue to smoulder.
The result of the UK general election led to a relatively straightforward market reaction, reflecting the decisive Conservative victory.
Since our last quarterly note, where we focused on the threats to the world economy, political and international events have meant that the global economic backdrop has become somewhat more positive and market positioning is less stretched than we had anticipated.
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