While Asian investors may have been waiting for Mid October and the end of the CCP conference for ‘something to happen’, US investors in China may have been waiting to see if there was any prospect of a bounce before realising their tax losses before the end of October.

The most crowded trade in markets at the moment is $ cash. Fear rather than greed is dominating sentiment for both retail and professional investors and, with yields approaching 4%, cash is back as an asset class once more...

Danger UXB was a British TV series about a company of soldiers dealing with UXBs, or Unexploded Bombs, left in London after the Blitz.

September exceeded even its own reputation as a terrible month for markets, with equities and bonds both down heavily, as well as commodities, and almost the only thing going up (apart from volatility) was the US$.

The recent panic in the LDI market has received a lot of coverage, some of it breathless and designed to promote a short narrative, but much of it calm and authoritative – and generally pointing out the broader issues...