Is the glass half empty or half full? There is enough news to worry about financial markets and to see pitch black: War, sovereign debt, inflation, recession. At 27 points on the CNN Fear & Greed Index, Mr. Market's psyche is severely battered, bordering on extreme fear at 25 points.

Although inflation in the United States is falling steadily and, at 3.7% in August, came within sight of the inflation target of 2%, the Federal Reserve announced a possible further interest rate hike at the end of the year. This announcement by the Fed was poorly received by the financial markets. In the USA as well as in Europa, the financial markets would then probably have to come to terms with higher interest rates for longer than expected.

Concerns about the economic situation in China and the resilience of the U.S. economy led to tensions in the bond and equity markets during the past month.