After a highly positive first half for stocks, equities have come into numerous crosswinds in recent weeks. A setback in China trade negotiations led the Trump administration to announce tariffs on an additional $300bn of Chinese goods as from 1st September. China retaliated by devaluing its currency and halting purchases of US agricultural products. The yield curve has also taken on a worrisome shape, flashing potential recession signals. We see further stock market volatility in the weeks ahead as volumes remain low. The market does not take much of a summer holiday, not like in the old days, but traders and investors still start to vanish throughout the month of August.