– Equities and commodities declined, while bonds and REITs rallied. REITs lead all asset classes & having their best year since 2014.
– Growth stocks and small cap stocks were punished in markets last week. Small cap growth lags all other style boxes. Healthcare stocks declined 3% last week.
– China manufacturing PMI improves but still in contraction. In response to rumors, Trump administration says no plan to block Chinese listings on US exchanges.
– A Reuters poll of fixed income strategists reveals 70% expect bond yields to remain depressed for at least 5 yrs.

– Major risk assets rallied last week, except US stocks, which broke their four-week streak of higher prices to close down for the week.
– Small stocks & value stocks gave back some recent gains selling off more than the mkt. Energy, Healthcare & Utilities sectors climbed while all other sectors fell.
– Big miss in European PMI. Same theme of weaker manufacturing but starting to spread to service sector. Saudis expect to restore full oil output by next week.
– Fed announced it will provide $75b to overnight repo market daily through October 10 in effort to alleviate cash crunch and prevent a spike in short term rates.