Against a backdrop of protectionism and populism, the risks facing today’s global economy extend further than shifts in the financial markets. The tensions related to international trade between the US and China – the world’s two largest economies – are rising, while Europe’s growth rate is expected to slow, exacerbated by the uncertainty provided by Brexit and broader political instability. Will the increase in downside risks hasten the end of this economic cycle? What will be the effect of the reaction against globalisation from populist movements in the markets? What will be the impact on financial markets, including real estate?