The current summit between Trump and Xi will likely become little more than a footnote in the history of the end of one economic empire and the emergence of the next. Xi has patience and has visited DC to let Trump do his thing, while he seeks time and stability to firmly establish China’s dominance. He is guided by the Sun Tzu dictum “Never interrupt your enemy while they are making mistakes.”

Up, down, shake it all about. Current markets are driven by short-term rumour and sigh about what Trump might do or say next on tariffs. However, the real threats are longer-term – how the global economy is increasingly vulnerable not just to trade and economics, but also the growing weakness and unravelling of US military might. The implications for global security could change everything.

Today is Halloween, when the lines between this world and others, the past and future, alternative timelines and other realities, cross and oft merge into each other.. at least according to Celtic legend. This morning it just so happens a Morning Porridge from October 2026 has crossed the divide and snuck into my inbox….

Markets are up and down, and the noise is focused on Covid, Central Banks, Inflation and Tech stocks. But… perhaps the big risks lie elsewhere. Where are Geopolitics headed? Faceoffs in Ukraine and Taiwan have the potential to completely derail markets.