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

• Worries about the lockdowns in China and massive congestions around Shanghai’s port, combined with surging prices of commodities such as fertilizer, continued to weigh on markets this week.
• As the FED is leading the trend towards higher rates, monetary policy between developed economies is diverging, fuelling a strong appreciation of the USD and more volatile FX markets.
• Supply chain disruptions have also started to manifest themselves in corporate profit guidance, with Apple and Amazon disappointing investors on the back of surging costs. The comments from the two giants drove the S&P 500 lower, while European stocks ended the week almost flat. Chinese equities rebounded as investors are hoping for more stimulative politics.
• Value and Low Vol outperformed in these choppy markets while Growth and Momentum were lagging.

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