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

• European markets stabilized on Friday, and the SMI even managed to finish this week at a higher level but in the rest of the world, this week brought another painful decline.
• In the U.S., markets fell across all styles and industries, with the notable exception of the energy sector. In Europe, losses were driven by Value and High Dividend stocks, while Quality and Momentum gained.
• As economic sentiment sours, benchmark yields consolidated over the past few days. In Germany, short-term yields declined slightly, while European credit spreads were little changed following the dramatic surge over the past weeks.
• The GBP recovered some of its steep losses following the Bank of England’s emergency intervention earlier this week. Nevertheless, the steep sell-off in the GBP and Gilts highlights a scary degree of vulnerability.

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