– U.S. Treasuries and real estate outperformed, while global equities and commodities declined.
– U.S. equities fell, but more sectors gained than lost. Safe havens and inflation-sensitive sectors outperformed.
– Emerging markets struggled, with both China and India dropping over 4%.
– A strong week for U.S. fixed income, but not for international fixed income. The dollar rose more than 1%.

– 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.