– Intl equities have opened up a sizable lead over key global asset classes after another strong week. U.S. equities are in the red YTD after falling more than 3%.
– While U.S. stocks are down YTD, 9 of 11 sectors remain positive for the year. The decliners – Cons Discretion & Tech – have weighed on highly concentrated indices.
– A powerful, broad rally swept across international markets. German stocks climbed more than 6%, reaching a new all-time high.
– Trade and tariff policy uncertainty weighed on the U.S. dollar and Treasuries, sending the dollar down 3.5% – its largest one-week drop since 2022.

– 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.