Are the markets more concerned about the relative strength of the Chinese currency than they are about tariffs? That’s a question Phil Dobbie puts to NAB’s Tapas Strickland, as currency controls by the PBoC have helped quell concerns, boosting US equities. President Trump, meanwhile, continues to argue against the Fed for refusing to lower rates as fast as he would like. And Saudi Arabia has stepped in to try and limit the damage from falling oil prices, whilst Italy looks like it is heading to an election just as the UK could be moving towards a constitutional crisis. A confusing end to a hectic week.