Trade wars are like a bar fight. Things can go seriously wrong very quickly

Stock markets have enjoyed substantial gains and until last September the rally looked set to continue. What upset the apple cart was the dismal outlook for global growth and the 10-year bond in the US offering in excess of 3%.

The trade war between the US and China, the issues with Huawei, and the issue surrounding Brexit, Italy, and the European elections then worsened the global growth outlook and put low global interest rate back on the agenda again. The US10-year bond yield is back at 2.15%, which allowing for inflation, is now no alternative to stocks.