4 to 10 November: The road to hell is paved with good intentions

The market continues to focus on the trade negotiations between the US and China. For a very short period of time last week, it looked like the two parties could reach a deal soon, which encompasses the removal of tariffs. This optimistic idea, however, was short-lived, as US President Trump downplayed it on Friday. In our interpretation, the glass remains half full, as trade tensions have potentially peaked and a ‘Phase One’ interim trade deal remains in the pipeline, which could be signed as early as the end of 2019. However, the path to reach such an outcome will very likely be volatile.

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