Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.

Quick recap

• For a while, it looked like equity markets could finish this week on a conciliatory note, but Powell’s speech at Jackson Hole, reminding investors that the Fed will use its “tools forcefully” to attack inflation, spooked risk assets on Friday, triggering a 3.4% decline in the S&P 500 and a 3.9% sell-off in the Nasdaq.
• The sell-off was broad-based but led by Growth stocks, while Energy stood out as the only sector in the blacks as oil prices inched slightly higher.
• Once again, there was almost no place to hide as Gold and Cryptocurrencies retraced alongside stocks and bonds, but for once, China was a bright spot on the back of another cut of the Prime Lending Rate and stimulus announcements by Li Zhong. consensus estimates for corporate earnings in China look bleak, but relatively low inflation gives fiscal and monetary policymakers some room for manoeuvre.

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