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The reversal of the "most important trade" of the past decade is accelerating, resulting in major pain for both hedge funds and market-neutral quants.

Not so fast with that vacation: next week, a whirlwind of economic and financial events is about to be unleashed around the globe.

Narrow Market Breadth, and Concentration...

"If trade tensions create a meaningful risk to growth, we should expect a much more vigorous – though still defensive – policy response."

"Just when you thought economic commentary in the Washington Post couldn’t get any more insipid, Roger Lowenstein proves otherwise..."

“Let’s put it this way, everyone taking a vacation: they can’t be without their devices.”

The long-awaited breakdown in sentiment is finally here...

"It is hard to see any policy alternative, other than just letting the whole system crash. Therefore, we can expect quantitative easing to return with a vengeance, not only to recapitalise the banks, but to cover escalating government deficits."

"if 2-3 year interest rates rose 1.5-2%, this player would have losses in the billions, and capital requirements would skyrocket."

Traders are in a good morning this morning, focusing on a sugar high number that will be a one-time boost, while again ignoring the risks from the crashing yuan.

The brief rebound in the Yuan is over as a barrage of headlines from China and US spark renewed concerns at Beijing's ability to withstand Washington's war.

It could have been better...

"An unusually large number of one-off factors appear to have boosted 2Q GDP, many of which are directly related to escalating trade concerns..."

Unanimous expectations look for the ECB to leave its three key rates unchanged, with little in the way of fireworks expected given last month’s policy adjustments.

Despite the double boon from higher oil prices and rising oil production, the Gulf economies are only modestly growing, and the higher oil revenues will have little impact on that growth...

"Expect more of this sleazy behavior from establishment Democrats. Billionaires aren’t used to losing..."

Bitcoin is now up over 40% from its June lows, breaking above $8,200 for the first time in over two months this morning and dragging the rest of the crypto space with it.

"If we start off our next sell-off with already-diminished equity market liquidity, how much liquidity will there be at the depths of a sell-off?"