We were largely struggling but at least moving sideways until Friday, when the twin negative effects of a new tariffs and a weaker-than-expected jobs report pulled the rug from underneath investor sentiment. Risk assets faltered and safe haven assets rallied. Ouch!!

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.

It was a relatively quiet week with holidays right in the middle of the week for many countries. Equities were better, yields were higher.

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

Last week was mainly about a trifecta of central bank decisions, with most attention focused on the Fed. The Fed Funds rate was reduced .50%

A confluence of economic data, punctuated by a speech by Fed Chair Powell on Friday in Jackson Hole, suggests rate cuts are coming soon.

It was an "everything up" week, with global equities, US Treasuries, corporate bonds and gold all registering gains. Happy summer!

Stocks rip and bonds rip. Small cap stocks did the best in the States while tech floundered. US CPI cooler than expected. UK growth better

The week started with a short-lived meme frenzy, which fade quickly. Slightly weaker US data then took centre stage.