Can Wall Street ride out an escalating trade war?
The combination of robust US jobs growth but stable inflationary pressure should have proved an ideal one for US equities. And while US equities rallied on Friday after the latest US jobs report, the global trade fight is casting a shadow.
“Investors have this unusual set of dual realities,” said Rebecca Patterson, chief investment officer at Bessemer Trust. “You have a risk of an escalating, truly global trade war which creates a huge amount of uncertainty. But if you look at the economic data coming out each day most of it is still suggesting robust growth — it still looks really good and that is supportive for earnings.”
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