We continue to stick to our scenario "Goldilocks Again". While the trade spat still has not been resolved, investors have grown accustomed to it. Especially the US seems mainly unaffected by the ongoing trade dispute, and posts impressive earnings. We believe that a market correction will unfold one day, yet this will still take a while. In light of the ongoing troubled markets, diversification is key in order to be well-positioned. Overall, the divergence in global growth that we could observe in the past months is likely to stay.