Even if the domestic situation in France has calmed down, the underlying causes of the recent unrest linger. What’s more, we think that France has become more vulnerable to contagion risks from Italy.

Although corporate credit spreads in the euro-zone have already risen a long way, we think that they will continue to increase as concerns about growth in the region intensify.

EM equities have had a torrid year, and we doubt that things will get any better in 2019. Indeed, we forecast that the MSCI EM Index will end next year around 10% below its current level, a similarly...

We think that there is more upside, than downside, risk for sterling when we weigh up the potential outcomes that could result from the chaos surrounding the UK’s scheduled departure from the EU.