Despite colossal headwinds related to trade tensions, the Brexit deadlock and the manufacturing recession, asset prices have been incredibly buoyant so far this year. Equities are recovering from the August drawdown and are approaching late-July record levels.

The duration rally over the month of August was eye-watering. The whole German sovereign bond curve, out to 30 years, now trades with a negative yield, with half the European investment grade bond universe also yielding below zero.

The European Securities and Markets Authority (ESMA), the EU's securities regulator, has published the second Trends, Risks and Vulnerabilities (TRV) report for 2019. The report identifies a deteriorating outlook for the asset management industry and continued very high market risk.

Mr. Granger will lead PIMCO's quantitative team and focus on enhancing the firm's use of quant strategies, building on PIMCO's deep resources and years of expertise in this area

Nomura Securities Co., Ltd., a wholly owned subsidiary of Nomura Holdings, Inc., today announced that it has priced a five-year Green Bond issue valued at 5 billion yen for Kaneka Corporation. Nomura acted as bookrunner and green bond structuring agent for the offering, which was the first such offering for a Japanese chemical manufacturer.