Monday Macro - we’re still not there yet

A solemn day here in the UK today with the pageantry of the Queens funeral. That means we’ll have a much shorter report this time. Our main focus is on what next for the S&P 500 - another 10% decline.

I’m writing this before the US markets open on Monday the 19th of September. To repeat my core contention, global markets take their cue off the US markets and the best measure of US corporate earnings is found in the S&P 500 index. Thus, if we want to understand what happens next to global stock markets we need first to understand what happens next to …