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Donald Trump and the Republican party have achieved an emphatic victory in the US elections. In the weeks beforehand, the ‘Trump trade’ had been gathering momentum in financial markets, boosting the dollar and Treasury bond yields.

The Fed’s rate cutting cycle has kicked off, a soft landing still looks likely and China has finally pressed the stimulus button. It feels like we could almost be set for a Goldilocks scenario.

It’s historically a tricky month for equity markets, and this September is no exception. Rising concerns over US growth, sluggish data from China and the geopolitical backdrop have seen risk aversion come to the fore.