‘Have your cake and eat it’ was seen on a set of Brexit negotiation notes as a civil servant walked into Downing Street a few weeks ago. Donald Trump’s plans for the US economy seem to be based on Marie Antoinette’s ‘Let them eat cake’ but I feel the phrase ‘Let them eat chaos’ would be more appropriate for the world in 2017.

As I enter into the New Year, I have to think that markets are neatly balanced for the optimistic side of 2016’s political and financial developments – Brexit, Trump, trade wars and an aggressive Russia – and therefore there is a significant risk of further volatile and challenging market conditions.

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