We highlight a few of the charts we found interesting this month, including a roundup of stockmarkets, a warning to bulls and a global infrastructure deficit .
Economic & Strategy Viewpoint
In this month's viewpoint we consider whether we have seen the end of the "Trump trade", if investors have become too complacent and where the danger points are for emerging markets.
Keith Wade gives a mid-year overview of the global economic outlook. Topics include fading political risk in the eurozone, challenges posed by Brexit, prospects for the “Trump trade” and a discussion of current low market volatility.
The Russian central bank cut its headline interest rate by 25bps, in line with expectations, but changed its outlook for the pace of future easing.
Following the latest interest rate rise in the US, we expect a further one in September and balance sheet reduction to kick in around the turn of the year.
The global recovery remains intact and political risks have eased, but more traditional macroeconomic concerns return to the fore.