We think the equity market outlook is constructive despite ongoing uncertainty around trade and growth. Equity investors will need to stare down a multitude of risks including the uncertainty that results from US President Trump running policy via social media. But potential risks are not insurmountable. As long as news flow is better than expected, the US economy escapes recession and policy support gradually ramps up, then we think equities will trade higher. But the beta rally is getting tired and we expect alpha to be the catalyst for upside from hereonin.
