Last week presented a mixed global macro picture. US-China trade tensions eased. The US government shutdown continued. Concerns over regional banks and private credit ‘cockroaches’ emerged, yet major US banks reported strong earnings. In Europe, the UK saw a mild economic rebound and French political uncertainty eased. In Asia, China’s Q3 growth slowed, while Indian inflation cooled. Global equity markets felt some midweek turbulence: US stocks gained, while major European and Asian indices declined. US Treasury yields fell, the dollar weakened, and oil prices continued their downward trajectory. A brief stumble on ... (full story)