This week’s headline risk comes courtesy of our friends at the ECB. On Wednesday, Bloomberg reported that “The European Central Bank is set to tweak its forecasts lower for euro-area economic growth as global trade tensions damp external demand …”

Their sources were accurate, as the ECB did just that on Thursday when it released its newest projections, lowering growth estimates once again.

Analysts at ANZ explained that after the US slapped tariffs on USD200bn of Chinese goods yesterday, China retaliated with 5-10% tariffs on USD60bn worth of imports.

Buy all the tokens. Liquidate the assets. Hey Presto! You just made a ton of cash! But no.

Suppose you worked for a new startup which seeks to launch a promising but little-understood technology. Suppose further that, after several rounds of funding, financial experts assessed your company’s accounts and discovered that the product isn’t worth the cost of making it.

CEO Emmanuel Roman talks the future of asset management, the struggles of hiring tech talent and wine

Pimco chief executive Emmanuel Roman has made clear the firm’s ill-starred attempt to break into equities investing is unlikely to be repeated, in conversation with Goldman Sachs’ incoming CEO David Solomon.

The Qatar Stock Exchange continued to remain under the bearish spell for the second day on Monday, dropping more than 109 points, mainly dragged by banking and industrials equities.

Strong selling pressure from Gulf and domestic funds drove the 20-stock Qatar Index down 1.1% to 9,832.68 points.

NEW YORK — A Turkish startup is offering a movie a day in theaters for $30 a month.

It’s three times what MoviePass (HMNY[NSC] – $0.0155 Trade ) had charged for a similar plan. But that was financially unsustainable, as it typically had to pay theaters the full ticket price. MoviePass now offers just three movies for $10 a month and limits which titles can be watched on any given day.

Swiss collective pension investment foundations (IFs) – Anlagestiftungen or fondations d’investissement – will in future be allowed to hold more than 50% of their assets in equities given the low-interest rate environment, according to a new draft law.

Pension funds are also to be given more say in board decision-making at the foundations.

Summary

• US equities are most likely in very late stage of a bull market.
• Europe and some Asian markets probably peaked during the past few months.
• Technical analysis suggests that US equities are near the end of a cyclical trend.
• The bearish worldwide macro-technical picture could signal a peak for US equities within the next few months.

A Bull Market For The History Books

US equities performed a record bull run from the end of the great recession up until now. The broad-based S&P 500 index gained almost 340%. It is the longest bull run in US history. It did not unfold as a straight line and showed some twists and turns. The S&P 500 corrected on six occasions by a low double-digit figure since 2010. The subsequent rallies erased all corrections leading to today’s levels.

Stoked by political concerns, weak investor sentiments toward frontier and emerging markets, the Nigerian equities market recorded another decline last week. As a result, the Nigerian bourse’s year-to-date decline worsened to 15.5 per cent.

The current growth cycle in equities has been “elongated” by the U.S. tax cuts that went into effect earlier this year, said Robert P. Browne, chief investment officer of Northern Trust Corp., Chicago.

“You can’t ignore … whether there’ll be a recession in the next five years,” said Mr. Browne, who co-authored a five-year capital markets analysis the bank released Sept. 3, which is available on Northern Trust’s website.