'Flying without a safety net': Don't bet on a market bottom just yet

When Chinese President Xi Jinping solemnly declared on the weekend that a "trade war and tariff war will produce no winner", he clearly forgot about the boys and girls inside Goldman Sachs' equities trading business. Goldman's March quarter revenue and earnings came in ahead of expectations on Monday night, thanks in no small part to a 27 per cent jump in equities trading revenue over the first three months of the calendar year. We can only imagine that momentum has shown no signs of slowing in April, given the trading frenzy sparked by US President Donald Trump's tariff announcements. Loading…