For stock markets, it really has been a case of "America first" under Donald Trump. Back in November 2016, the US accounted for 36.5 per cent of global stock market capitalisation, notes Bespoke Investment Group: today the figure is 41.1 per cent. The S&P 500 rose by 70 per cent over that period, more than any other country.

Why? Soaring technology stocks – Apple's market capitalisation has grown by $1.25 trillion since Trump was elected, while Amazon and Microsoft have also added more than $1 trillion in market cap.

The US outperformance hasn’t been driven by Trump, but don’t expect the incumbent president to buy that line.