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U.S. stocks pushed forward in July despite the late-month meltdown in some big-name technology stocks. For stocks overall, we have seen a continuing slow recovery off the early February low, driven in large part by the impressive corporate earnings reports and strong economic growth. While all the rhetoric around impending ‘trade wars’ instigated by the U.S. President have lead to heightened market volatility, investors have yet to factor in the potential downside to growth if these threats become reality. The backdrop continues to be the buoyant U.S. growth and confidence in the benefits of the tax cuts. But while stock markets in the U.S. appear to be grinding upwards toward their old highs, the fixed income, developing economy stocks, currency and commodity markets are telling a completely different story about the outlook for the global economy. (more…)