A lot has changed in the past three months.
There appears to be a semblance of stability for the Pacific region at a strategic level, with North Korea having participated in the Winter Olympics and talk of a meeting between US President Donald Trump and Kim Jong-Un, with a potential denuclearisation of the Korean peninsula.
But other concerns have emerged for the investment outlook. The escalation of tit-for-tat trade tariffs between the US and China has prompted a reconsideration of the strong growth outlook that has been so supportive for stocks globally, and especially in the US, and brought about a halt to the rise in global interest rates.
The effects have spilled into financial markets in Australia, where there has been a marked slowdown in property price growth and but also a rapid improvement in the outlook for the federal budget thanks to strong company tax revenue.
JPMorgan provides a guide to help make sense of it all in its quarterly Guide to the Markets presentation, which looks in detail at some of the key economic indicators for Australia before reviewing the global picture.
Thanks to JPMorgan Asset Management Australia for giving us permission to feature this presentation, which is best viewed on desktop.