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  • The US and China have agreed a three month trade war ceasefire – this is only a temporary respite where fundamental differences remain outstanding.
  • Domestic protests and pressures coupled with the exiting of Merkel as Chancellor has in the short term put a halt to Macrons aspirations of further European integration.
  • December 11th has been set as the date for the UK parliamentary vote on the Brexit withdrawal agreement. We can expect a lot of political “noise” over the next couple of weeks.
  • Jay Powell (Fed Chairman) provided some dovish comments with regards the relationship between short term interest rates and the neutral rate. Risk assets were highly appreciative (see graph of S&P500 – 28th Nov – the day of Powell’s speech).