Construction under the cosh

The likelihood of a trade war between the US and China, as well as between the US and the EU, has been putting something of a damper on investor activity, despite the promising growth forecasts. The S&P500 index in the US approached its record level of early 2018, while the moods on the European stock exchanges also improved, although the signals were more mixed here, an indication of the differences in the economic condition of individual eurozone countries. The US economy continues to flourish (with growth of more than 4 pct in Q2, the highest in four years), so unsurprisingly the markets are expecting a response from the Fed, which, however, will not stop the growth for now. The political tension in Europe has also noticeably weakened during the summer holiday period. The prospect of a trade war remains a source of concern, although there has been an improvement in the relations between the EU and the US, which have at least declared a willingness to maintain zero tariffs on mos