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

• Western equity markets went through a roller-coaster ride this week, initially reacting very negatively to higher-than-anticipated U.S. inflation but then turning higher over the course of the day.
• Market observers struggled to explain the moves, but oversold conditions are widely quoted as a potential reason. Put volumes surged again towards the end of the week bringing the  Put/Call ratio to 1.4.
• Chinese markets closed sharply lower ahead of tomorrow’s  National Congress of the CCP, which is expected to grant Xi another term. Meanwhile, new export curbs affecting the semiconductor supply chains are expected to give a heavy blow to China’s ambitions in space.
• Harvard University warned of looming markdowns to its private market portfolio, giving another hint that Private Equity and Venture Capital participations will see valuations tumble over the next quarters.

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