David Hood

The U.S. stands to do better in a trade war against any individual country but the Trump administration seems willing to go after many countries at once. This could impact growth in the U.S. more severely than if the U.S. were to just focus on a smaller group of countries.

After Germany and the European Union (EU) made announcements in March about defence spending, fiscal policy looks set to become more supportive of European growth. We remain overweight gold and equities. We are neutral on fixed income but overweight sovereign and underweight global bonds.

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