With delinquent loans from the global financial crisis still sitting on its books, we don’t think the conditions are right for China to repeat its stimulus trick for a third time.

Financial markets have been in a positive mood this week in the aftermath of a surprisingly encouraging outcome from the talks between the US and China in Geneva.

Uncertainty around US trade tariffs has driven volatility higher. Against a fast-moving backdrop we argue the case for a considered approach to portfolio management.