There is continued uncertainty over Brexit as well as concern over an increasing consumer squeeze

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

We've upgraded our rating due to the weakness in the currency and expectations of strong growth and earnings in the second half of the year

We are seeing benefits from a stronger global economy and trade

Dollar headwinds are fading and the pick-up in global trade is helpful to Asia Pacific

Stronger earnings and less dollar pressure is positive for the region

We remain negative on conventional sterling and euro bonds. US treasuries are relatively more attractive given the rise in yields we have already seen

Credit spreads provide some pick-up in yields but we prefer short-dated bonds

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

Inflation-linked government bonds remain more attractive than conventional government bonds and give some protection against an inflation shock

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

Equity market 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 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 does not yield much but gives opportunities in periods of weakness