Happy 250th birthday to America, and Happy Independence Day to my American colleagues. The summary today has a table for 1H2026 performance across indices and asset classes, as well as an update for the week.

Stocks and bonds diverged last week, as volatility kicked into high gear especially around semi-conductor stocks. Yields came in across the curve as long term inflation expectations subsided. Gold and Bitcoin lost ground, and the US Dollar continued to grind higher.