Britain’s Prime Minister Boris Johnson (right) welcomes US President Donald Trump to the Nato summit at the Grove Hotel in Watford, northeast of London, on December 4. Photo: AFP Britain’s Prime Minister Boris Johnson (right) welcomes US President Donald Trump to the Nato summit at the Grove Hotel in Watford, northeast of London, on December 4. Photo: AFP
Britain’s Prime Minister Boris Johnson (right) welcomes US President Donald Trump to the Nato summit at the Grove Hotel in Watford, northeast of London, on December 4. Photo: AFP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

US-China trade deal and Boris Johnson’s election victory in Britain have stock market bulls cheering, but for how long?

  • Any rally rooted in a volatile, politically driven and protracted negotiation process, such as Brexit and the trade war, is inherently unsustainable
  • Scepticism in government bond markets indicates that investors are still deeply ambivalent about the outlook for the global economy next year

Britain’s Prime Minister Boris Johnson (right) welcomes US President Donald Trump to the Nato summit at the Grove Hotel in Watford, northeast of London, on December 4. Photo: AFP Britain’s Prime Minister Boris Johnson (right) welcomes US President Donald Trump to the Nato summit at the Grove Hotel in Watford, northeast of London, on December 4. Photo: AFP
Britain’s Prime Minister Boris Johnson (right) welcomes US President Donald Trump to the Nato summit at the Grove Hotel in Watford, northeast of London, on December 4. Photo: AFP
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.