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Evidence continues to mount that global growth is slowing.  

Key Quotes:

“China’s authorities have acknowledged as much, and the Caixin PMI later today is unlikely to make for cheerful reading.”

“Indeed PMIs across much of Asia are dropping, likely partly trade war fallout. GDP growth in the euro area showed a clear slowdown in Q3.”

“The US economy is running hot, but there are signs of a cooling in interest rate-sensitive parts of the economy such as the housing market.”

“The IMF last month cut its global growth outlook for the first time in two years.”

“A rising tide lifts all boats; a falling one exposes the rocks.”

“In an environment of cooling growth and declining liquidity, market volatility seems unlikely to decline to the soporific days of old any time soon.”