(July 3): One of the biggest fears in the markets now is a second Covid-19 wave. A second confinement period to halt another outbreak is of particular concern, as it would halt economic activity again and destroy the nascent recovery. But we believe this is unlikely — at least for the time being. In the meantime, geopolitical risks have also crept back to the fore, starting with a rise in US-China tensions sparked by, amongst other things, a blame game over the virus outbreak and China’s plan to impose a national security law in Hong Kong.

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