Allocating to the cheaper asset classes will eventually pay off if you’re willing to be patient.

Justin Onuekwusi

The market was anticipating something more positive from Trump, but he didn't deliver, in recent weeks, we saw the balance of probabilities shift to the positive side, risks being taken off the table, but people have realized that risk is still there.

Justin Onuekwusi

We're seeing yields backing up and safe havens and defensive equities underperform so we are seeing a bit rotation. I don't think it's a structural shift, it's just that markets went too far and too soon, and we are seeing alleviation of that move, the market is being driven by two extremes: one if we get further deceleration in trade, the probability of recession becomes quite high. But if we get a (Sino-U.S. trade deal) we could see confidence coming back.

Justin Onuekwusi

Trade talks have finished without an agreement, of course, it doesn't help that almost as a prelude to the conversation you get tweets that are quite antagonistic.

Justin Onuekwusi

Given that inflation expectations essentially drive realized future inflation...we can see that Draghi is trying to avert the prospect of deflation.

Justin Onuekwusi

If you look at Europe's political landscape, the last thing the (EU authorities) would want to do is to stir up any more negative EU sentiment.

Justin Onuekwusi

We have had such a strong bounceback, but markets don't go in a straight line. It is inevitable you will get some kind of respite.

Justin Onuekwusi

You've got Brexit hanging over the UK, and although we can debate the impact on long-term earnings of UK companies, the immediate transition mechanism for Brexit risk will be through the currency, we expect sterling to continue to be volatile if there is uncertainty and that in turn will have an impact on the UK stock market.

Justin Onuekwusi

It’s a simple case of financial arbitrage being left open by the market.

Justin Onuekwusi

The thing to monitor is how quickly Europe can get out the vaccine. If we see continued slowness there, you will see the gap widen between euro and dollar.

Justin Onuekwusi