With the two biggest tail risks – the trade war and Brexit – seemingly addressed, markets are embracing the improved global outlook.
For much of this year, investors were in a waiting game searching for drivers. That waiting game is over: Sentiment has universally shifted toward caution, with the expectation of a bumpy ride ahead.
Our readers may recall that we viewed Q2 as a waiting game for markets searching for drivers. For a variety of reasons, that waiting has likely been extended into Q3 or even Q4.