US/China trade war uncertainties and a higher risk of a hard Brexit depress business sentiment and trade.
More visible signs of a slowing US economy, but overall we expect domestic demand in the advanced economies to offset the headwinds from trade.
Trade tensions and weak inflation forced central banks to restart accomodation. We expect the Fed to cut rates in July and the ECB to start easying in September at the latest, possibly with another round of Quantitative Easing (QE).
Global uncertainty and accomodative central banks keep core yields down, but search for yield and still solid fundamentals underpin credit and (to a lesser extent) equities.