Its been another eventful week in markets with the pinnacle being an announcement from China’s Ministry of Commerce yesterday afternoon that the U.S. had agreed to rollback existing tariffs as part of ongoing “Phase 1” trade negotiations, prompting a relief rally in risk assets. As we have seen too many times in the past, it wasn’t long before headlines appeared that contradicted the earlier claims and resulted in risk assets promptly giving back a large percentage of their earlier gains. However, in the face of growing evidence that the trade war is hurting both sides, there is perhaps reason to think where there is ... (full story)