Global briefing: Trump v2/ USD dominance/ stalling Europe/ Chinese guardrails/ Singapore

In this week’s global briefing:

1. Trump v2: A second Trump Administration is a serious possibility. There will be some continuity with the Biden Administration, but it will be much more unilateralist.

2. USD dominance: The dominance of the USD continues to extend, despite growing international use of the RMB and some attempts to diversify exposure to the USD.

3. Stalling Europe: Europe’s economy is skirting with recession on higher rates and other pressures; but there are also clear structural constraints on growth.

4. Chinese guardrails: There has been some stabilisation in relationships with China by the US and Europe, although the logic of strategic competition endures.

5. Singapore: Singapore’s growth has slowed, partly on slowing global flows.  But despite external headwinds, Singapore is positioned well.

The full note is available at: https://davidskilling.substack.com/p/global-briefing-trump-v2-usd-dominance