Recession risks are rising as trade tensions depress global manufacturing and the inverted U.S. Treasury yield curve signals warning. While we're cautious for now, a combination of central bank easing, a trade-war truce and China stimulus could brighten the outlook.
Key market themes
Moving into the fourth quarter, markets appear trapped in an episode of Deal or No Deal, with uncertainties surrounding the China-U.S. trade talks - and to a lesser extent, Brexit-dominating the picture. Lackluster earnings growth, waning business confidence and a lull in capital expenditures leave us waiting to see what