By the end of the month, the trade tensions de-escalated between US and EU after Jean Claude Juncker met with Donald Trump and agreed to work together toward zero tariffs, zero non-tariff barriers and zero subsidies on non-auto industrial goods. In this context credit markets outperformed with Xover tightening by 40 bps to 280 bps and MSCI World finishing at +3.15%. At the macroeconomic level, statistical publications confirmed that the US recovery was well under way with annualized Q2 real GDP growth at 4.1%. Chinese growth is keeping pace, especially since the authorities have delivered a pro-growth message and measures to loosen the credit framework. BoJ introduced a forward guidance with an intention to maintain current low short term and long term interest rates until the effect of the consumption tax hike scheduled for October 2019 fade. In addition, the BoJ would allow a wider range of fluctuation for the 10Y JGB yield at +/-20 bps vs +/-10 bps currently. Globally, the results are strong with 86% of S&P500 beating EPS estimates (highest number in a decade), 56% of Stoxx600 and 58% of Topix; with good performance of the cyclical sector to be noticed in Europe and in the US. On the primary side we saw ten new deals worth 2.4 bn USD; we have participated in JPM/Ping An exchangeable bond (the biggest insurer in China) and Palo Alto (cyber security) new issues. We increased our position in Cellnex as the bonds had cheapened since May implied volatility peak. We added a balanced CB position in convenience store chain CP All from Thailand as the stock price corrected since April highs to attractive valuation levels. On the options side we restriked higher Illumina call options, took some profits on Total calls and restriked lower Telekom Italia and ING call options. We also took some profits on high delta names like Ubisoft, Airbus/Dassault, ServiceNow, Chegg, IAC.