The signing of the phase one trade deal between the United States (US) and China and the ratification of USMCA by the US Senate reduced tail risks and boosted short term market sentiment. However, the deals leave the US and the rest of the world in a worse position than before the beginning of misguided trade wars three years ago. Russia’s Putin reshuffles his cabinet. Argentina’s provinces kicks-off debt re-profiling exercises. In China, the economic data and credit numbers surprised to the upside and the government in Chile keep working on pension and tax reforms despite of its low popularity.