18 May 20 - Week Ahead, Trans-Tamsan to Outperform | Fonterra Global markets were higher on Friday after the US market (S&P 500 +0.4%) swung between gains and losses as investors weighed worries about China-US trade relations and weaker-than-expected US economic data (retail sales) against growing optimism that easing coronavirus restrictions would see activity recover. US president Donald Trump has reignited fears of renewed trade tensions with China after saying he had no interest in speaking to Chinese President Xi Jinping right now. Mounting tension between the world’s two largest economies has investors concerned about an even deeper global recession. Markets have rebounded strongly, and it is likely that the global economic recovery will be much slower given covid-19 related restrictions and the threat of a second wave of infections before a vaccine is available.  We remain cautious on markets generally, but believe Australia & NZ are better...