Darius McDermott: The line between resilience and risk

The market is getting too used to crying wolf – as the accumulation of political shocks, policy swings and conflict headlines has trained investors to look past threats that don't immediately materialise in a meaningful way for markets. That desensitisation is in itself a risk – M&G The MSCI World index has now comfortably surpassed its level at the time of the US election in November last year. If equity markets appeared confident then, they appear even more so now. They paint a benign scenario, where tariffs have little effect, where Donald Trump's erratic policymaking is constrained...