The bottom line is that global stocks ended at or near record highs again, with US Treasury yields slightly higher. The BoE – after a struggle – managed to lower its policy rate. Fitch published an interesting article on tariffs, Apple CEO Tim Cook met with the president, and the recent Pivot podcast interview with Anthony Scaramucci is very interesting.

Let’s face it – nothing can slow the “risk on” sentiment currently charactering equity markets.  SPACs were the first to reappear a few...

Risk markets were full on this week, with nearly everything better except the sagging US Dollar and safe-haven gold. What's not to like, as peace breaks out, US economic growth signals continued strength, and the trade war continues to be watered down.

Inflation appears to be moderating, and the US jobs market remains resilient although perhaps showing some cracks. Mr Trump used the inflation data as a reason to justify "demanding that" the Fed slash the Fed Fund rate by 100bps. Trade policy continues to zigzag, with investors starting to mostly ignore the rhetoric coming from the administration. Stocks and bonds were better through Thursday, with gold higher and the greenback weaker. The Israeli bombing of Iran overnig

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.

Markets continued to stabilise this week, at least as far as risk assets including global equities and BTC. Other assets moved sideways.

This is the early edition of the weekly, covering earnings (TSLA and GOOG), Trump capitulation (again) and 2024 en primeur Bordeaux campaign

There will be no "Fed put" according to Mr Powell, which rattled markets and evoked a response from Mr Trump. US equities slumped again.

Most focus this week was on the FOMC decision, which was initially viewed as slightly dovish before reality sat in. Markets were mixed.