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Pleased to say that here in New York City Stephen Wining joins a City Private Bank global

chief investment strategist good morning

look either investors think an agreement will still materialize or

global growth bottoming isn't that dependent on a trade truce which one is it so

look I think there is a little bit of leap of faith here that at least

ahead of the US election at the end of next year that we will certainly not create a greater shock on the trade front, that there is a good deal of hope still there,

but not utter clarity that we will pull down the terrace which we impose on ourselves, for example.

But I think the larger economic story is that we had a true severe, you'll see it in the data in a couple months, inventory correction, that we have been

producing fewer goods for export than are actually being demanded, and that if we were to stall here and simply hold these tariffs, we would rebound.

We would grow through this.

So I think it's still important for the direction of markets.

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