The third quarter begins with a bang this week. The main highlights include four major central bank meetings, Japan's quarterly Tankan survey, monthly purchasing managers' surveys and the US employment report. The larger context in which the data and events will occur is important. Retail and institutional investors are dramatically adjusting portfolios. The Federal Reserve is expected to begin what could be a protracted exit from its unconventional easing policy. The most acute phase of the Chinese liquidity squeeze may have been passed, but conditions have not completely normalized. Separately but related, the ... (full story)