The Global Macro Monitor defines “macro swan” as any global macroeconomic or financial event with the capacity to spill over into world markets causing risk aversion and lower asset prices.  – GMM

Risk markets finally starting to take the trade wars serious as S&P breaks through key support levels.

European periphery relatively quiet though banks continue to wilt.  Deutsche Bank traded with an eight handle today.   WATCH THIS SPACE!

LatAm EM weaker.   China’s RMB continues to weaken and now down almost 5 percent since May.