The fate of the US stock market tends to be determined by economics rather than by politics. As a result, it should not be surprising that shareholders have shrugged off both Trump’s recent spat with...

The valuations of many assets now look stretched in a historical context. For example, the price/earnings ratio of the US stock market is now far above its very long-run average, and the spreads of...

Although US equities have surged and US government bonds have rallied since Donald Trump entered the White House, we don’t expect this pattern to continue.

Having lost ground against the dollar in the aftermath of the US elections, emerging market (EM) currencies have staged a recovery since President Trump’s inauguration. Nonetheless, we still expect...