In the US, weakening employment poses risks to both consumer expenditure and growth, while in China both the consumer and the property market are at risk.

After Jackson Hole, markets are pricing in big rate cuts for the US. What are the risks of disappointment?

With heightened geopolitical concerns, it’s very much a case of “more is more” for central banks and their FX reserves. That’s why, with interest rates once again running around mid-single digits, fixed income is back in fashion.