U.S. stocks hit record highs mid-week for two days running, but softened after worst-than-expected PPI data and eroding consumer confidence, released Thursday and Friday, put a dent in the animal spirits driving risk assets higher. UST yields rose, remaining stubbornly high and not very connected to what the FOMC might or might not do at the next FOMC meeting.

This article summarises two articles and one podcast that are topical,: US/EU automotive tariffs, social security "fraud", and steel tariffs

Earnings and economic data (especially inflation data) continued to improve risk sentiment. The yield curve inversion ended. Dollar better

Labour wins overwhelming majority in UK Parliamentary election. US jobs report favourable for inflation. French election ahead.