Independent Strategy

La Rentree

Nothing in recent events has mellowed our views on the risks facing the global economy. The China/US trade conflict is deeper than the name suggests with Hong Kong a further flashpoint in this confrontation. This continues to chip away at business confidence, evident in weakening investment and the slowdown in global trade. Rate cuts might delay the onset but can’t offset the damage done. Equities will be the number one casualty. We remain short the euro versus the US dollar. We remain long gold.

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