Overview: Global equities and fixed income reacted to the large moves yesterday in the US when the 10-year note yield fell eight basis points, and the S&P 500 fell by 0.85%. Investors have focused on three separate developments, two of which came from President Trump's speech at the UN. He dismissed the likelihood of a short-term trade deal with China and was critical of the large social media platforms. The other consideration was the movement toward an impeachment inquiry against Trump in the US House of Representatives. Nearly all the markets in Asia-Pacific were lower.