There is an apparent dislocation in global markets, with risk appetite recovering and the stock market rising. Yet the underlying global economy is expected to contract by 3%, the worst since the Great Depression, according to IMF estimates.

The trade disputes between the US and China, and the disruptions caused by the Covid-19 pandemic are heading to an uncertain destination. The leading economy of the free world is under fire, with protests across the US making it akin to an emerging market, if not a war zone. Yet markets continue to recover, seemingly having changed the goalposts on what will trigger a risk on an episode...

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