"Stepping back from the short-term political noise, the focus should be on economic fundamentals, which are continuing to worsen, although they are not yet disastrous.
If there is no further trade upset, the global economy can probably stabilise. But, even if that happens, the potential is limited for a re-acceleration in economic and corporate profit growth. The global economy is already in the late cycle and policymakers seem to be running out of ammunition and ideas.
Overall, the risks for markets if things go wrong look bigger than the potential upside if things go right. It would be better to remain cautious despite surprisingly robust equity markets."