Having returned from a short cycling holiday in Dorset I can confirm that the countryside is beautiful and lush – probably due to the high incidence of rain in September, if my experience is typical.

The idea of operational gearing is one which is reasonably well understood, but powerful, nonetheless. Incremental changes in sales once you have covered a business’s fixed costs drop through to profits dramatically. It is however very much a double-edged sword – if sales fall and the cost base doesn’t then you see any sales reduction magnified in its impact on a company’s profitability.

The size of global fixed income is frightening, even larger than global equity markets. This poses significant challenges for asset managers that offer global strategies.

Last week’s data was reassuring, indicating that economic activity is not poised to stumble. In the US, the composite Purchasing Managers' Index (PMI) came in at 54.1 and is consistent with a decent pace of growth.

Step back two weeks. World equity markets were in turmoil, led by Japanese and US tech shares. There were calls for an immediate cut in Fed Funds, with an emergency 50bps reduction being mooted.

When mainstream national newspapers start writing about the yen carry trade you know its impacting mortgage rates, shares and pensions – the stuff most people care about. So it was last week.

Data last week was mixed, with Purchasing Managers' Index (PMI) readings indicating the direction of the major economies.

Even before the withdrawal of President Biden, there was a change in market mood, with investors starting to really focus on the implications of a second Trump presidency.