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We continue to see weak economic numbers surrounding the housing market, the oil market, and within the services and manufacturing sectors – both hitting multi-year lows on PMI readings. In addition, oil lost 5% today on the back of market concerns that the US/China trade deal is still miles away. We, however, happen to believe that the drop is more likely based on the back of financial markets finally catching up with reality and coming to grips that the global economy is slowing. Additionally, we discuss the poor performance of Deutsche Bank. This is a major global bank and given its recent troubles we must pay attention to this bank because should it collapse, it will cause a global financial contagion.