In the US, most of the leading indicators for consumers are still positive. However, parts of the industrial sector are beginning to struggle, and macro economic uncertainties have increased. Counterbalancing this, the Fed seems ready to cut rates if they find it necessary. The ban of US exports to Huawei was a historical event and although a truce has been negotiated in the trade war between the US and China, we think China will have to redouble efforts to be technologically independent, introducing new risk into the tech value chain. In the quarter, most equity markets were only marginally up or down.