This week Jeremy and Gareth discuss what was supposed to be a quiet week but was anything but.

The US unemployment rate of last Friday triggered the Sahm Rule, indicating that the US is in recession.

This was the spark that lit markets and, in particular, uncovered concerns about the global Yen debt levels and the popular Yen carry trade. US tech stocks and Japanese equities fell sharply. This came on top of a few weeks in which oil, copper prices and the dollar had all weakened.

Markets stabilised during the week, but markets remain nervous.

The questions now being asked are what is the extent of the carry trade, and what can be done about it?

The policy response will be the main concern of the Fed's summer recess in Jackson Hole later this month.

So far, at least, the UK is largely looking on as an observer, not in the eye of the storm.

In the UK, things continue, and companies continue to broadly deliver against expectations.

They discuss Sanderson Design #SDG update and its prospects with lower rates expected along with the wider housing and housing-related markets.

Next week, we get inflation prints from the UK and the US and the flash print of the UK's Q2 GDP y/y growth rate which should be approaching 1%.

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