August has seen important developments. The most notable is a significant rise in long-term interest rates in the US, Europe and Japan. They are the highest in 15 years. Economic data show a growing difference between the US and Europe. We have also seen relevant inflation data, which enables us to predict future central bank moves. Moreover, the vulnerable situation in China is beginning to emerge, as we have been anticipating in our reports. Finally, there have been other meaningful market developments that explain, among other things, the recent stock market weakness.