The equity bull story is suddenly looking quite ropey. There is no trade truce between China and the US, green shoots have been wilting in Asia (both Chinese PMI and money growth have disappointed, and the equity slump suggests further PMI downside) while geopolitical risks have been on the rise. North Korea is back firing “unidentified projectiles”, and Iran is threatening to step up uranium enrichment. Turkey is doing whatever Turkey is doing, and Venezuela ain’t over. The US is not only boating about in the South China Sea, it has also deployed a carrier strike group to the Middle East presumably to mess with the ... (full story)