The Pope has published an Encyclical warning on the risks of an ill-considered rush towards AI. It comes at a time when AI is driving the markets, and AI leaders are whispering in Trump’s ear that regulation will destroy America’s lead. It’s not just the risk we will be turned to grey gloop by AI overlords, but how jobs, the economy, inequality and social equality are at all in play.

There are no thin summer markets – just an overload of improbable factors to process. How can you value the price of a stock market when the basis behind it – the economy, its financial system and its society - is under intolerable stress?

Society is a complex notion. It is a collection of rules and guidelines for living and when these are pressured, instability is often the result. Markets are part of modern society and are vulnerable – especially at times of massive change, as is happening now. That doesn’t mean disaster – it means evolution to what will follows. Inshallah.

Markets can’t help but watch the US election – I am sure there are lots of more interesting things hiding in the background price moves. We are caught in the headlights of what may become a car-crash, but we can’t but help ourselves keep watching because that is the way we think.