Despite a slowdown in growth and a monetary policy that is considered tight, the late-cycle economic expansion continues unabated. The global economy is proving more resilient than forecasted and, in the short term, there are no clear signs of impending recession. However, the waning recovery and the mounting challenges in China’s real estate sector and financial sectors are worrying. In our Market Commentary, Michael Blümke outlines Ethenea’s view of the current macroeconomic environment and expectations for the coming quarters.