Emerging Markets

This report provides our framework for interpreting the messages from last week’s Third Plenum, and the potential implications for the economy and investors.

As Trump’s victory odds rise, the underperformance of European equities deepens. How negative would a global trade war be for European assets?

Investors should overweight US assets and de-risk their portfolios in anticipation of a major increase in policy uncertainty and geopolitical risk surrounding the US election and its global ramifications.