Market sentiment has done a complete U-turn on yesterday, as hopes around that phase one trade deal have been put on hold, with a meeting this month seeming unlikely. NAB’s Gavin Friend talks about the impact the likely delay is having on markets. Phil Dobbie asks about the NZ labour numbers yesterday – with unemployment rising is a rate cut from the RBNZ next week now more likely? In Germany, meanwhile, data prints weren’t as bad as expected, so there’s room for optimism, even if the IMF urged Europe to have an emergency plan in case monetary policy fails to correct the downturn. The Bank of England is unlikely to move rates today, but they will issue a revised inflation forecast – plus trade numbers for Australia and China today.