Volatility: More than a spring squall?

However, this month has bought an unwelcome return of volatility. It is too early to say whether this is anything more than a spring squall. For now, our positioning remains unchanged, but we would not be surprised to see higher volatility persist. There are two key reasons for the renewed risk aversion.  Throughout 2019, US President Donald Trump and officials in the US and China have kept markets happy by suggesting a trade deal was close at hand. However, the fact is a deal has remained elusive. The prospect of an imminent agreement was shot down earlier this month, when Trump t...