This week had a double trade war "positive" for investors, excellent earnings, strong earnings and a favourable outlook from Nvidia, the 2025 Bitcoin conference in Las Vegas, the release of minutes from the last FOMC meeting, and a poor Japanese 40y bond auction.

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

Although the advance in equities slowed, it certainly did not stop even as yields pushed higher off of better-than-expected PMI data.

US equities rally strongly into the close on Friday, bringing MtD returns for May into the green. Corp credit rallies too, the USD weakens.

Week ended July 23 2021. After a dismal start on Monday, investors put aside economic and pandemic concerns as S&P 500 earnings were strong

The harsh reality though is that the transaction end-to-end does not result in a particularly good outcome for the company or Vision Fund.

This is the weekly update - what happened last week as far as markets, politics and CV19, and what does the week ahead look like?