Markets were mixed on Tuesday.
The S&P 500 rose 0.4 percent but the STOXX Europe 600 fell 0.1 percent. Earlier in Asia, the Nikkei 225 jumped 1.3 percent but the Hang Seng fell 0.7 percent.
The US stock market was boosted by the energy sector as oil surged over 2 percent.
However, Ray Dalio, co-chairman and co-chief investment officer of Bridgewater Associates, suggested that investors be “more defensive”.
Dalio said that the current economic cycle has about two years left to run, so for the stock market, the “upside looks limited”.
Dalio also said that the US tariffs on China are not “that big of a deal”.
Indeed, Andrew Kenningham, chief global economist at Capital Economics, said that the macroeconomic implications of the US-China trade conflict is likely to be limited.
Kenningham explained that “while China and the U.S. account for a combined 22% of world exports, bilateral trade between them accounts for just 3.2%”.
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