It has been quite a ride to the upside in global markets in 2019 to date. The swings in sentiment since October 2018 have been extreme, creating a significant late-cycle trading opportunity as markets bottomed during December. Earlier expectations for profits growth in 2019 were indeed over-optimistic, but fears that central banks would ignore weakening economic trends were always likely to prove wide of the mark. Furthermore, US/China trade negotiations seemed to be making progress and are likely to be resolved ahead of the start of any US Presidential election campaign for 2020. The cross-asset