REVIEW OF THE PAST QUARTER:
Expectations of a phase one trade deal between China and the US grew over the quarter, increasing optimism around riskier assets, while cooling the enormous bond market rally witnessed over the summer. A decisive Conservative victory initially gave markets confidence that Johnson could deliver a softer Brexit. However, sterling subsequently experienced its worst week of the year as Brexit concerns resurfaced. New plans suggested that Johnson would try to forge a Canada-style free trade agreement which focuses on goods and not services. These plans also set a tight deadline for talks, with a greater risk of the UK crashing out of the EU with no deal in place….
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