Between the summer panic and the apparent autumnal serenity, it looks like investors have entered a virtuous trading circle : equity indexes are at new highs, bond market excesses tend to normalize, volatility (and volumes !) are falling – to make it short, we could almost entitle our Monthly Briefing "Brave New World", driven by accommodative central banks (in unison), earnings better than expected, strong consumption in the US and of course, speculation about the successful outcome of the Brexit and the trade war, that have kept operators on their toes for ages (something that may well go on for a while).