For those who have been part of the extraordinary story of globalisation, there is a sense of the world now coming full circle. Each successive headline suggests we are now in a fast deglobalising world, following three decades of integration of markets and falling international barriers.

The political mood-music may likely be about to improve, as the administration of President-elect Joe Biden takes over from the US nationalist Trump. But observers may be surprised by how little substantial change there is. Fewer tariffs and less overt aggression, a more professional, stable and predictable administration perhaps, but Biden’s team is not expected to resolve the US-China stand-off.