Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.

Quick recap

• Crypto assets stabilized this week, but this provided little relief as U.S. equities got hammered lower, with the S&P 500 losing 4% on Wednesday.
• Nevertheless, implied volatility is almost unchanged compared to last week’s close.
• Credit spreads surged across the board in Europe and the U.S. while the gold price inched higher and the
• Treasury curve flattened as investors fled to safety.
• Expectations that the ECB finally needs to move to taper inflation drove Bund yields higher and supported the EUR this week.
• Quality, Growth and Momentum continued to underperform while a rebound in crude drove energy stocks higher again.

Please click below to access the complete report.

‍