The game has changed in the last year or so, with markets now driven by politics instead of central banks, according to a strategist at a widely followed investment group.
Christopher Wood, an equity strategist at investment group CLSA, said Tuesday that central banks have been the key driver of markets in the last decade, and the "great thing" about them was that they were "doing their best to be entirely predictable."
Speaking to CNBC's Akiko Fujita at the 2018 CLSA Investors' Forum in Hong Kong, he said: "In the last 12 to 18 months, the game's changed. The central banks are no longer the key driver ... the key driver is politics."
"The risk but also the opportunity is that politics are much less predictable than the central banks," he added. "The only chart I have relating to politics was on Donald Trump's popularity."
This year, there have been several geopolitical developments, such as the U.S.-China trade tensions, as well as U.S. pressure on North Korea to denuclearize, which included a meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un.