October saw a small breakthrough in the ongoing US-China trade tussle with the announcement of what Trump has called “Phase One Trade Deal”. The deal calls for China to commit to substantially increase purchases of US Agri products, further opening of its financial sector and keeping currency stable. But a resolution seems distant for a couple of reasons: Firstly, President Xi doesn’t seem equally enthused about a quick-fix as Phase One pushes thorniest issues about punitive tariffs to Phase Two. Secondly, polls show US voters continued skepticism towards fairness of Chinese trade practices. Trump will be forced to play to the gallery and ramp-up anti-China rhetoric given 2020 is Election year. As if it was jinxed, social unrest in Chile has led to cancellation of APEC summit where the deal was to be signed. Nonetheless, US-China soft talk and postponement of Brexit to Jan 31, 2019 (risks of NoDeal Brexit abated for now) lifted sentiments of everlasting gloom.