One just cannot ignore the oversized impact of global macros. There are quite a few of them. The biggest risk is China and a slowing China means negative growth in most countries that depend on the Chinese economy. This is true of most economies across Australasia, Africa, Middle East and Latin America. A slowing China will also open up the possibility of further devaluation of the Yuan and we have already seen the disastrous consequences last year. Secondly, the US stance on interest rates will be important and it will have to be juxtaposed with what Europe does. We have seen the ECB adopting a very loose policy. If the US Fed continues with its hawkish stance, then it will result in monetary divergence. We saw in January 2016 how monetary divergence led to a spike in volatility and global markets losing nearly $10 trillion in wealth.