The tide market sentiment has once more seen positive risk appetite begin to ebb away once more today. It seems that in recent days, market direction is being driven by newsflow not so much on COVID-19, but on rhetoric from both sides of the US/China trade story. The latest comes on suggestions that China wants to renegotiate Phase One of the trade agreement (apparently in reaction to the White House’s suggestions of retribution for China’s role in the pandemic). However, renegotiation to tip the balance towards China is not something that Trump would ever likely bow to, and as such markets are leaning risk negative ... (full story)