Donald Trump may kill the global recovery

The economy is being buffeted by growing concerns over the US president’s trade war

How does the current global economic outlook compare to that of a year ago? In 2017, the world economy was undergoing a synchronised expansion, with growth accelerating both in advanced economies and emerging markets. Moreover, despite stronger growth, inflation was tame – if not falling – even in economies such as the United States, where goods and labour markets were tightening.

Stronger growth with inflation still below target allowed unconventional monetary policies either to remain in full force, as in the eurozone and Japan, or to be rolled back very gradually, as in the US. The combination of strong growth, low inflation and easy money implied that market volatility was low. And with the yields on government bonds also very low, investors’ animal spirits were running high, boosting the price of many risky assets.

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David Leadbetter’s guide to how players can tame Carnoustie

The world’s leading golf instructor, and former coach to Nick Faldo, Greg Norman and Ernie Els, explains what the pros need to do to triumph on Sunday

“The course is so firm and fast it reminds me of when Tiger [Woods] won at Hoylake in 2006. Dustin Johnson hit a 450-yard tee-shot the other day and players might as well take advantage of their length. You’d rather carry it 300 yards over the trouble and take a wedge from the rough than taking a six-iron from the fairway into some of these greens so for somebody like Rory [McIlroy], he’s going to use the driver 10 or 11 times a round. Other players will want to focus on keeping the ball in the fairway. I just spoke to Kyle Stanley, who hit a couple of drivers down the last hole in practice but he already knows he’ll be hitting four or five irons off the tee this week. It’s a case of knowing your strengths and playing to them.”

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