Altogether, the global picture is one of a natural cyclical slowdown with the US prolonging its cycle at the expense of a weaker future fiscal position.

With less than 2 months to the mid-terms, expect media coverage of the campaign to ratchet up and the President to become more aggressive and unpredictable on domestic and international fronts.

China equity markets had another volatile week, mostly of their own making.

Somehow the market extrapolated Eurozone growth in 2H 2017 and priced in a more hawkish ECB policy response which the ECB has now retreated from.

Democrats have been winning more congressional seats since Trump took office and the midterms will be a further test for the President.

Growth in the Eurozone bears close watching.

Last week, after contentious negotiations, the EU announced a deal on migration which was conspicuously short on details.

Trade wars hurt everybody and tariffs are not a very effective weapon of trade war.

The world’s largest consumers, including of course the US, have signalled concern at the rising oil price.

This week the big 3 central banks meet and each with a different agenda.

Economic growth in emerging markets will continue to outrun developed market growth.

The focus of issuance will impact the shape of the curve but overall, it’s clear that total supply will increase impacting the general level of the curve. Definitely grounds for caution on duration.

The ECB may find itself having to replace QE with a less direct accommodation policy. This could have impact on the EUR.

Given the ubiquity of tech in our daily lives, it is likely more issues will arise on the regulators’ agendas. Might tech be the next over-regulated sector with profitability squeezed into utilities territory?

Beneath the media noise, the US and the Chinese may be using this time to hammer out some pretty tough negotiations. Unfortuntately for the markets, headline risks on trade war is likely to persist in the meantime.

On markets, the Technology sector was in the limelight for equities, with a number of prominent companies in the sector hit with negative developments and news.

China responded with a list of some 128 US products which could face new and additional duties.

The Trump administration’s reinvigorated protectionist agenda brings trade conflict back to the fore but global supply chains are more complicated since the proliferation of globalization.