A down day for US equities yesterday may not be so telling ahead of today’s all-important US inflation data release. The Italian government qualified the extent of its windfall tax on excess profits of banks; a US 10-year Treasury auction was well received; the US announces new restrictions on investments in key sectors in China; China is allowing group travel to key countries again; and oil, natural gas, and rice prices are all on the rise – so plenty to talk about on a peak summer day. Ronny Kaufmann, CIO Strategy & Investment Analysis, talks about China being in a balance sheet recession, the benign US economic picture, and that a consolidation in the US equity advance may not be such a bad thing.00:14 Introduction by Helen Freer (Investment Writing)00:39 Markets wrap-up by Mike Rauber (Investment Writing)06:39 Update from the CIO Office by Ronny Kaufmann (CIO Strategy & Investment Analysis)11:59 Closing remarks by Helen Freer (Investment Writing)Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or your favourite podcast player.