The economic expansion that began in the US in June 2009 has continued, uninterrupted, for more than 10 years, and is now the longest expansion in history, breaking the record of 120 months of economic growth from March 1991 to March 2001. The equity bull market is also ageing along with the economic cycle, meaning investors not only have to contend with rising economic uncertainties but also a late cycle investment environment.

Even without the trade war we still have a slowing economic cycle to contend with, and strong US dollar wreaking havoc on global growth, which will be a significant hindrance to any reflation or green shoots. Meanwhile geopolitical constructs that have upheld the global order as it has stood since World War II fall into disarray. Multiple geopolitical flashpoints mean global markets and investors are hit with a confluence of uncertainties. This makes multi-asset trading,