Investment Markets Commentary to 31 March 2018
2017 was a benign year for investors, with the ongoing expansion of the world economy providing a supportive environment for share prices. However, so far in 2018, there has been a change in tone, which has predominantly come from the rhetoric surrounding President Trump. Markets have become wary of his intentions with US trade policy, and the potential for his protectionist agenda to initiate a trade war with China, which could impact global growth. As a result, over the year to 31 March 2018, stock market gains made during the last nine months of 2017 have broadly been eroded so far in 2018, in sterling terms.