Two news stories have dominated markets in the past week: one of unity, as Germany and France reached a solution on the European budget situation; the other of discord, as China’s implementation of security regulations in Hong Kong threatens to spark renewed upheaval and lead to escalation in US-China trade tensions. On balance, markets have traded up as the German-French accord hinted at a more robust fiscal and political union for the Eurozone, but the news from China has led to another wave of uncertainty. In our latest podcast, Ewout van Schaick explains how the German-French proposal helps to level the European playing field and why, despite the ongoing Chinese tensions, we’re sanguine on the prospects for emerging markets.