The best way to honour them is to ensure we never have to do it again.

The US is in a tizz about banning TikTok, taking the first steps towards protectionism, censorship and trade war – which will ultimately benefit no one. Both the US and China face significant economic challenges, and both are large markets. Is conflict the only choice?

Taylor Swift vs Trump – that would be an election! The US economy is robust and resilient. Europe remains repressed, inflationary and unstable. China is in a new deflationary era. Where else to buy but the US?

Friday’s US Employment Report confirmed the underlying strength of a robust economy. Little to worry about, except to wonder why 40% of the electorate are so unhappy and blame the current government. That’s an issue for investors to figure out.

The Chinese economy has stalled, buffeted my multiple issues from banking, property and demographics. What happens next? The consequences of a China crash or downturn will be multiple and could create further instability.

Markets have not sold off on renewed Middle East conflict, but the geopolitical faultlines are being reinforced as it become clear this is war the US and Israel are fated never to win.

The news from China is unremittingly bad – a cataclysm of economic distress and woe. Combined with concerns on law and transparency, China is now off many investment lists. Yet it’s still a growing economy with a massive middle class of consumers. There are opportunities.  

Fitch threw a spanner into the works last night downgrading the US – but they were right to do so. Political risks in the US and UK – both are approaching peak electoral cycle crises points  – are rising and the disinformation wars will ensure it gets… fruity.

Lots going on out there – but what does it all mean? Markets have plenty to consider from rates, inflation, micro, macro, geopolitics and climate – but the core objective remains: generating dull, boring predictable returns in difficult markets.

China will remain the driver of global growth as the West continues to slide. The economy is reopening swiftly, raising increased fears of de-dollarisation. It’s easy to get emotional, but the reality is its happening, get used to it, and figure out the outcomes. They may surprise you..