– After 4wks in a row of declines, US equities staged a rally last week. All major asset classes were in rally mode last week.

– 2019 shaping up to be 3rd yr. in a row that small value underperforms large growth. First time since 1999. In that instance, small value went on to outperform 7yrs in a row.

– US & China struggle to agree on a meeting date after US tariffs took effect over the weekend.

– ECB September meeting will likely bring announcement of 20-30B Euros in monthly bond purchases in a new round of QE.