This week’s report touches on a number of market factors, including how domestic political pressure at home may cause Trump to temper his overall stance on trade. Wall Street bank results so far beat expectations, and helped by lower tax, and the overall portents are good. Crude oil was already doing well, discounting some action in Syria – but it’s not just down to geopolitics, says the IEA. Investors should make sure they have sufficient hedge positions in gold; $1,366 is the technical level to watch. The IMF will update us on their outlook for global growth this week, which is slowing, but not disastrously – in any case this will slow rate rises from the central banks. Geopolitical factors should not suggest liquidation (we still believe in the ‘long cycle’), although the FAB Asset Allocation Committee may begin to consider ‘Sell in May and Go Away’ logic when it meets later this week.