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Fragile recovery
The stock market correction of February and March already feels a long time away and most investors with globally diversified multi asset portfolios should by now have seen a return of positive returns for 2018 (at least that’s true for Tatton’s portfolios). Despite the more amenable return environment, the ease and general optimism of 2017 has not returned to capital markets.

Bank of England’s hawkish non- rate rise
£-Sterling spiked on Thursday after the Bank of England’s (BoE) Monetary Policy Committee (MPC) appeared more hawkish (inclined to raise rates) than markets expected. The MPC voted in favour of maintaining interest rates at 0.5%, but the 6-3 split in the voting led markets to up their assumed odds of a rate rise in August.

The bull in China’s shop
Chinese stocks suffered a significant blow this week, as the Shanghai composite index fell 3.8% on Tuesday, while the smaller Shenzen composite was down an even greater 5.8%. The falls came shortly after Donald Trump announced that, in retaliation to China’s retaliation to his first round of tariffs on $50bn worth of goods, he was planning to slap extra tariffs on another $200bn on Chinese exports to the US.

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