– Difficult week for US Equities, with the S&P 500 declining 4.5%. Treasuries were a safe haven.
– All sectors declined, led by an 8.5% decline in Financials on headlines of Silicon Valley Bank’s failure.
– A sharp 7.25% drop in China’s equity market has caused Emerging Markets to give up all their 2023 gains.
– The traditional flight to safety assets, US Treasuries and Gold, advanced in a week dominated by declining asset prices.

– Global financial assets bounced back last week after three consecutive weeks of declines.
– The broad market may be up, but four of eleven sectors are still down year to date.
– Deposits at US banks declined last year for the first time since 1948. High yields on T-Bills are encouraging savers to look elsewhere.
– Natural Gas rallied sharply by 18.1% but is still off by more than 28% since the start of the year.