The slightly weaker than expected March Non-Farm Payroll figures released today have not given the markets the directional clue that we have all been hoping for. The addition of only 103,000 jobs against expectations of a figure nearer 200,000 has taken the wind out of the sails of Bulls & Bears alike. It’s not enough to put the Bulls in the driving seat, nor is it bad enough for the Bears to exert much influence. The markets remain overshadowed by concerns over the slight escalation in tone of the Chinese/American rhetoric around trade, but it’s important to bear in mind that this is very much a complex chess marathon between two Grand Masters with many moves yet to be played before we are anywhere near an endgame. Medium Term, we believe that markets remain in a period of consolidation, and that the experienced hands who bide their time and continue to trade against the panickers will quietly be able to improve their positions at their expense.