The key points are:
The first half of this year saw good returns, but they were interrupted by a correction into April thanks to US tariffs.
We remain upbeat on a 12-month view but see a high risk of another correction in the next few months.
Seven key charts worth watching are: Trump’s tariffs; business conditions PMIs; long term inflation expectations; inflation; profit growth; the gap between earnings yields and bond yields; and the $US. For now, they are mixed.