Bad but not so bad news left the market in a limbo: equity markets were more or less flat in the month, treasury yields remained in the 1.5 / 1.8 range and credit spreads also remained within the trading range of the last few months. However, markets oscillated between weak US and Eurozone numbers, prospects of a US-China ‘mini-deal’ and tariffs on Europe. Geopolitics and Trump’s impeachment was in limelight as Turkey started a military offensive in Syria. China witnessed subdued data, only partially offset by policy measures.