The FTSE All-World North America Index fell 1.2% in sterling terms over August. Trade tensions intensified as the Trump administration placed tariffs on a further $30bn of Chinese imports, prompting China to retaliate with fresh tariffs on US goods. US Treasury yield curve inversion highlighted rising concern over the possibility of an imminent US recession. Domestic economic news was mixed, with survey data suggesting that US manufacturing activity had contracted for the first time since 2009 in August. US retail sales rose 0.7% in July, surpassing economists’ forecasts. US non-farm payrolls rose by a healthy 164,000 in July, in line with estimates, though down from the prior month. Wages grew at 3.2% year on year in July, a slight acceleration versus June. However, the US core personal consumption price index remained unchanged at 1.6% in July.