The idea that a US-China trade deal is proving more elusive than the agreement in principle on October 11 implied is being seized upon to spur what we suspect is an overdue round of profit-taking in global equities. The MSCI Asia Pacific Index snapped a three-advance, with over 1% declines in South Korea and Australia. Europe's Dow Jones Stoxx 600 set new multiyear highs yesterday before reversing lower and is extending the losses today, threatening the 20-day moving average for the first time in a month. US shares are trading heavily, and the gap (~3098.2-3104.6) created by last Friday's sharply higher opening may ... (full story)