The United States is the real geopolitical risk
Investors often worry about geopolitical tensions in the Middle East, the risk of another political crisis in Italy, the effects of Brexit and protectionism. But the greatest political or geopolitical risk is found in the United States, in the form of the November 2020 presidential election. If a left-wing Democratic candidate (Bernie Sanders) wins the election, economic policy will become totally different and scenarios will have to be completely revised.