As investors fretted for most of the year that the trade war and slowing growth would end in a global recession, assets like gold and sovereign bonds provided protection. That ended spectacularly Thursday. Gold lost as much as $30 an ounce, Treasuries tumbled the most since summer and defensive equities sank. (Bloomberg) A Chinese Ministry of Commerce spokesman said that both sides in the trade dispute have agreed to roll back tariffs in phases as they work toward a deal. If confirmed by the U.S., such an understanding would provide a road map for a de-escalation of the trade war. (Bloomberg) Treasuries tumbled Thursday as optimism about the prospect of a trade deal dented demand for bonds globally and led investors to trim bets on further Federal Reserve rate cuts. (Bloomberg) Source: Danareksa Sekuritas Debt Research Photo by zachary-keimig on Unsplash