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

• While economists are still scratching their heads over the unexpectedly strong job growth alongside weak participation data, a lower than anticipated CPI print fueled euphoria in risk assets this week.
• The upbeat mood was helped further by better than expected economic activity data in the U.K. and solid Industrial Production in the Eurozone, although falling water levels in the Rhine increase the risk of production and supply chain disruption.
• As expected, investor focus shifted away from Taiwan, but the voluntary delisting of five Chinese firms from Wall Street doesn’t bode well for the country’s stock market, which has fallen close to YTD lows.
• Benchmark yields in the U.S. and Europe are little changed as markets await the central banks’ reaction to the peak inflation narrative. IG and HY spread continued to contract alongside bullish equity markets.

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