Life as seen through the US equities market can change pretty quickly when you have a trade war and quantitative tightening (QT) happening at the same time.

Apple has fallen significantly below its all time high of over a trillion (as has Amazon), but now Microsoft is only a few billion away from Apple in terms of value, measured my market capitalisation.

Whilst these stocks have been battered of late, recently they have seen a modest recovery.

This is being driven by sentiment surrounding the potentiality for some kind of trade war easing; an upcoming OPEC decision; and some betting around the potentiality for the Fed to reassess the extent of its interest rate path (given Powell’s recent language last night of ”no preset policy path” and “we are close to normal”).

As mentioned earlier this week, December should be an interesting month.

Mike.