While US stocks rise to record levels thanks to The Don's "phenomenal" tax cuts, French and Italian bonds gained amidst political risk. Many discount Le Pen's chances in France but those same commentators discounted Trump's chances and Brexit. At home, there have been signs of strain with weaker earnings reported across a number of sectors and we've just seen specialty retailers Rhodes and Beckett, Herringbone, David Lawrence and Marcs enter Voluntary Administration. It's part of the reason why we don’t think we're out of the woods just yet and that defensives still have a role to play.