By Bill Witherell, Ph.D.
In the next-to-last week of the second quarter, the factors that have led to high volatility in the global equity markets during the quarter are still present. Foremost among these are the destabilizing effects of rising trade and technology tensions, which are hurting the manufacturing sectors in many countries, disrupting global value chains, and weighing heavily on investment decisions. Global trade has slowed dramatically, from a 5.5% annual pace in 2017 to a projected rate of just 2.1% for this year. The second cause of market volatility, related to the first,