There are concerns over ongoing economic strength in light of Brexit overhang and that the tailwind from weaker sterling may be in the past

We are seeing strengthening economic activity and believe equity markets are relatively undervalued, but we are expecting a pause

A fuller valuation is offset by weaker USD and good earnings growth

A better global economy is helping Japan but the domestic economy is still disappointing

The pick up in global trade is helpful to Asia Pacific

Modest but synchronised global growth should be more supportive to Emerging Markets

We remain negative on GBP and euro bonds but US Treasuries are becoming more attractive given the normalisation of yields that has taken place

Credit spreads has provided some pick-up but we prefer short-dated bonds

High-yield credit spreads are at a historically tight level so we would be wary of high-yield spread duration exposure

Recent gains in inflation-linked government bonds reduce their valuation attractiveness but they are still desirable from an improving economic perspective

Selectively, local emerging market bonds offer good interest rate and currency exposure

Increased volatility and dispersion should provide opportunities

Lower liquidity and flatter rate profiles reduce the attractiveness of many strategies

Increased volatility across many asset classes should counter flatter rate cycles

Post-Brexit concerns have resulted in the marking down of property but income characteristics are still attractive 

Gold is attractive as a diversifier, portfolio insurance and as an inflation hedge

Ongoing excess supply is likely to weigh on prices for some time

Oil continues to be volatile as politics and supply concerns dominate the market

Cash has defensive and opportunistic qualities in uncertain and volatile markets