Each dot in this chart shows the return of UK defensive sectors during each of the past three economic recessions (above zero on the vertical axis is an outperformance versus the overall market, and the further to the right on the horizontal axis the more expensive). Read more on why we think now is a good time to move in to less economically sensitive sectors in ‘A solid defence’, one of the articles in our latest InvestmentInsights.

Political scandals have erupted on both sides of the Atlantic, yet politics are in such a state that it might not matter. Chief investment officer Julian Chillingworth takes a look.

When the pace of economic growth begins to slow and the outlook becomes more gloomy, it makes sense for investors to start shifting their equity investments away from cyclical sectors and towards defensive ones, even if you don’t think a recession is necessarily likely to ensue.

At his penultimate meeting, outgoing President of the European Central Bank (ECB) Mario Draghi announced a series of measures to ease monetary policy in the listless region. The bank cut deposit rates by 10 basis points to -0.50% and will restart quantitative easing (QE) on 1 November. At just €20 billion (£17.7bn) per month it’s peanuts compared to historic QE – since 2015 the ECB’s bond purchases have totalled €2.65 trillion – but crucially the new programme has no set end date. Until inflation gets back to 2% and stays there, QE and zero rates are here to stay.

The Supreme Court is set to rule on Boris Johnson’s parliamentary chicanery, but what difference does it make anyhow? Chief investment officer Julian Chillingworth despairs at a seemingly interminable impasse.