US stocks were mixed but tech continued to be the driver. US bonds did less well, as yields moved higher across the curve. Global stocks were generally weaker, as oil inched higher due to ongoing uncertainty in the Middle East with the Strait of Hormuz again the focal point.

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

Stock and bond investors party hard, with equities ripping and US Treasury yields dropping sharply. A benign June CPI report was key driver

This week was all about Friday, as global equities were hammered after news of the new COVID variant. It was squarely risk-off in markets.