For now, no news is a reason to enjoy.

Stock markets fell bond yields rose in May and August on fears of a trade war between the US and China, wrote Prof Nouriel Roubini. Roubini is known as "Dr Doom" and "permabear" for his correct prediction of the economic crash of 2008. Recently, he has been predicting a global recession in 2020. "US and other equities are trending toward new highs, and there is even talk of a "melt up" in equity values," he wrote. "Yet there is much to suggest that not all is well with the global economy. For starters, recent data from China, Germany, and Japan suggest that the slowdown is ongoing, even if its pace has become less severe." Fund managers are discounting possibilities of a recession. "I don't see a recession in the near term absent some unpredictable, idiosyncratic event," said Anne Mathias. "Since 1950, all nine major US recession were preceded by an inversion of a key segment of the so-called yield curve," wrote Ben Winck "The yield curve is considered inverted when long-term bonds -- traditionally those with higher yields -- see their returns fall below those of short term bonds." But, when the yield curve corrected itself some saw that as a forecast of recession. "A sudden steepening of the curve following an inversion like the one occurring now almost always happens just before or during US recessions," wrote Thomas Franck. However, "not every instance of yield curve steepening leads to an economic downturn", he conceded. "It looks like the recession is delayed for now," said Torsten Slok. "The yield curve inversion earlier this year was looking for a recession to begin sometime in mid-2020," said Sri Kumar. "And now the steepening is saying that 2021 may be a year when recovery begins." President Donald Trump has refrained from attacking Iran even after it shot down a US spy drone. The US claimed that the drone was flying over the Strait of Hormuz while Iran claimed that it violated Iranian airspace. Attacks on 6 oil tankers in the Gulf were blamed on Iran although it denied having anything to do with them. Saudi oil facilities were attacked by drones and missiles which were blamed on Iran, though the Houthis claimed it. Following which, an Iranian tanker was attacked in the Red Sea. China is grappling with "about $35 trillion in corporate, sovereign and household debt". Poverty is increasing in China's countryside. "The current situation is not optimistic, the countryside is returning to poverty," warned Ma Wenfeng. A bill to link trade with Hong Kong with human rights was passed almost unanimously by Congress. If Trump signs it into law it will surely result in all out trade war with China. So many reasons for a global recession. Enjoy as long as nothing happens.