There has been encouraging data on the health of the global economy in recent weeks, with employment, inflation and consumer spending all giving cause for optimism. There is increasing confidence that a hard landing may be avoided, in spite of higher interest rates.

However, financial markets have wobbled in recent weeks. In particular, investors continue to worry about further rate rises from the Federal Reserve, even though inflationary pressures appear to be easing. The US central bank has reiterated its commitment to price stability above economic growth.

Closer to home, the UK has agreed a new Brexit deal, potentially solving the thorny issue of the Northern Ireland protocol. This should be a boost for UK businesses, at a time when the domestic stock market looks cheap relative to its peers and its dividend yield is high. This may boost investor confidence in the UK market.