Despite all the propaganda that the world had reached utopian levels of 'globally synchronous recovery' growth last year, 2018 has seen that narrative collapse as China's credit impulse dries up, The Fed continues on its path to 'normalization', and the world wakes up to Europe's smoke and mirrors economic renaissance...

And, as if that was not enough to spook even the most ardent bull, Bloomberg notes that rapidly accelerating trade 'battles' are focusing minds on that simmering threat to markets: the eventual easing of synchronized global growth.

The U.S. version - which includes economic, credit and corporate indicators - is close to its 2007 peak.

The trade war tensions have arrived at a risky time, with Morgan Stanley's cycle gauge for the developed world nearing levels last seen before prior recessions.