The global stock markets have been suffering pre-Christmas jitters this week over fears of a possible US interest rate rise and a general alarm over the world economy.
Last Friday, Australian time, the US placed another US$16bn worth of tariffs on imported goods from China. The real possibility of tariffs on a further US$200bn of Chinese imported goods into the US remains a far more significant risk to global economic conditions.
The threat of a trade war is still very real. But life goes on, and the global economy is still pushing ahead.
Unless you are a speculator, uncertainty is not a friend to financial markets. Volatility in prices and returns keep investors on the sidelines, dampening economic activity and slowing growth in the process.