Friday’s markets were not just about more weak data – important as that was with US Housing Starts, Housing Permits and Consumer Sentiment all much weaker than expected and driving the US dollar and US bond yields lower. Amazon’s $13.7bn bid for Whole Foods sent shivers down the spine of the US consumer staples sector, off 2% at one point with $39bn was knocked off the market cap of the sector, led by WalMart. Amazon is promising to bring more automation and lower food prices to a company dubbed ‘Whole Paycheck’. More structural disinflation may lie ahead. Despite the hit to consumer staples, the broader stocks markets managed to (just) close in the black – the NASDAQ again the exception, down 0.22% to be 0.9% lower on the week and more than 3% off its earlier June highs. The S&P500 closed just 0.03% higher and 0.1% up on the week and the Dow +0.11% to be 0.1% w/w. The VIX lost 0.52 to 10.38 and is 0.32 down on the week.