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

• Futures markets gradually priced in a 75b hike by the ECB over the course of the week - so the actual decision to lift rates relatively aggressively didn’t come as a surprise.
• Equities held up well in the face of policy tightening and closed sharply higher on Friday.
• With most markets ending the week higher, China became the great underperformer again as restrictions have become fiercer ahead of the October National Congress of the CCCP.
• Producer Prices and CPI in China dropped stronger than expected on the back of normalising energy prices and spending impacted by lockdowns - a development sending mixed signals to the world.
• In Europe, only Telcos and Energy stocks ended the week lower, with talks about potential EU price curbs on energy prices dominating headlines.

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