Brexit after Boris

This monthly commentary gives a roundup of global markets and trends.

In this edition:

• While the imminent departure of Boris Johnson may have had little impact on UK asset prices, the long-term drag from the country’s poor relationship with the EU may start to ebb
• It is possible that a new prime minister could seek rapprochement with the EU and tone down the hard Brexit rhetoric seen in recent years
• The UK’s current account deficit with the EU has improved over the past six years, meaning the UK economy is less vulnerable to volatile international capital flows to fund it
• In spite of a recent rally for global markets, investor sentiment remains gloomy. However, we continue to believe there are reasons to be upbeat on the resilience of the global economy

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The value of an investment, and any income from it, may go down as well as up and you may get back less than you originally invested.