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Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.
- While Eurozone inflation came in as high as expected, a surprise m/m jump in core inflation in the U.S. spooked markets this week, triggering a painful sell-off, notably in Growth and Quality stocks.
- Benchmark yields rose across the curve, and credit spreads bounced as markets are preparing for more aggressive monetary policy tightening - the Fed Funds Rate is now expected to reach up to 4.4%.
- On Friday, logistics giant FedEx issued a profit warning on the back of a global slowdown in demand.
- While Ukrainian troops had been advancing in the east, Xi, Modi, and Putin met in Uzbekistan’s capital of Tashkent, where the Chinese and Indian leaders expressed ‘concerns’ in a surprisingly direct manner.
- Lastly, as investors are focusing on Western economies’ fight against inflation, the Chinese property crisis moved out of the spotlight - we recommend this article by the Economist for a catch-up.
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