US economic data is suggesting a slowing US economy, with the question about tariff-inflation unresolved. Unlike the Fed, the ECB continues to ease, lowering its policy rates 25bps on Thursday (for the 8th time). Risk markets remain relatively resilient, and bond yields improved, too. The Trump-Musk feud has grabbed headlines this week.

Tariffs followed by partial capitulation, a strategic crypto reserve, and further erosion in markets summed up another tumultuous week.

The week started and ended poorly for US stocks, delivering losses for the week. European stocks have been the best performers YtD.

Bond yields ticked up after an in-line Nov CPI report, reminding investors the inflation battle is not over. Stocks were weaker.,

Equities were better in the US and Europe. UST yields were marginally changed. Gold and Bitcoin soared to record highs. The Dollar was up

Both equity and bond markets lost ground last week, although Chinese stocks were positive as well the NASDAQ following TSLA earnings.

US stocks and gold hit more record highs. S&P 500 earnings mixed: banks strong, chip companies mixed, luxury struggles.

Markets were jittery much of the week, with the rotation out of tech continuing in the US. US Treasuries were also under pressure.

Both equity and bonds were a touch softer last week. Even stellar earnings by NVDA could not completely save the day, although amazing.