All eyes have been on the 2025-26 US budget discussions in the House this week, with the "big beautiful bill" getting through (albeit barely) and heading to the Senate. Professional bond and currency investors are signalling concern, visible in higher UST yields and a weaker US Dollar.

For investors, it is not easy staying focused these days on the substantive economic and business data that matter for your portfolio....

Equities were better in the US and Europe. UST yields were marginally changed. Gold and Bitcoin soared to record highs. The Dollar was up

Stocks and bonds rallied hard this week, with stocks first getting a boost from better-than-expected earnings, and then by disinflation data

Not a lot of news this week aside from the debt ceiling discussions and earnings from US retailers Walmart, Home Depot and Target.

Poor US retail earnings and a more pessimistic outlook for FY were the catalysts driving US equities this week. EM was the best performer.