– It was a flat to up week for all key asset classes, except US Equities, which fell after Walmart issued a sales growth warning.
– All style boxes declined, but 5 of 11 sectors climbed in a down week. The traditional safe-havens Healthcare, Staples and Utilities were leaders.
– Emerging markets advanced more than 2% last week on a 3.9% jump in China equities. China has started 2025 as one of the world’s best performers.
– US Treasuries rallied as US stocks sold off, bringing the US Treasury Yield Curve within ten basis points of re-inverting.

– Global equities and commodities climbed, and international equities led the performance among asset classes.
– Tech and large-cap stocks led all factors, styles, and sectors. Healthcare was the only declining sector – falling on news of RFK Jr becoming the Secretary of HHS.
– International stocks started 2025 with a bang, which continued last week. Germany climbed more than 5%, and China rose more than 7%.
– The dollar fell 1.2%, falling to new lows for 2025. Commodities rallied, and Gold reached another new all-time high.