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

• After a strong July and early August rally, most equity markets finished this week at lower levels, driven primarily by cyclical sectors as Europe’s energy crisis is deepening with natural gas futures hitting new record levels.
• The PBOC’s surprise interest rate cut could not compensate for a disappointing Industrial Production print and further bad news from the countries struggling property developers.
• There was a relatively wide dispersion in factor returns in Europe and the U.S. as investors flocked toward Low Volatility and Yield plays, while Value and Growth stocks sold off almost equally.
• Benchmark yields were almost unchanged in the U.S. but inched higher in Europe as U.K. CPI reached double-digit while surging energy prices on the continent are not boding well for future inflation.

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