Global equity markets finally succumbed to the worry that economic activity is slowing. A lower growth target in China was followed by a sharp downgrade of growth expectations in the Eurozone by the European Central Bank (ECB), and a shockingly small gain in new jobs in the U.S. Taken together it was enough to push some investors to the sidelines, eager to take their profits from the rally off the December low, and wait for greater clarity on the economic outlook. It didn’t help that there was little news regarding the U.S.-China trade negotiations, causing speculation that progress had slowed. For the week, the MSCI All Country World index fell 2.1 percent, its first weekly loss in the past four, and just the second this year. Notably, the index fell on each of last week’s trading sessions and has now fallen in eight of the past nine. The same is true of the S&P 500.