It was a slow drift lower in US stocks and bonds this past week, although Friday's PCE (inflation, August) and other economic data was sufficiently balanced to create a slight bounce. Global stocks were mixed, with U.K. and Japanese stocks generating the best returns WoW.

Markets largely slid sideways in the usually quiet end of the month of August. There was news though, including the last of Mag 7earnings (NVDA), political turmoil in France, PCE for July, and th usual list of Trump matters.

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!!

Mr Trump's announcement of 25% auto tariffs followed by others in the queue sent stocks spiralling down, and haven assets like gold higher.

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

More of the same, as risk-on sentiment pushes US equity markets to record highs. Bitcoin is soaring, too. Economic data remains supportive

Lots of US economic data last week that pushed the S&P 500 to another record level. UST yields flattish. Chinese equities better. Read on

Economic data remains mixed, but it is clear inflation is slowing in the US and Europe. Investors are all-in on a faster pivot, markets up.

Get ready for the next FOMC meeting and a market rip following the debt ceiling agreement. Want to better understand semiconductors?