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

• Switzerland continues to be an outlier as inflation rose to 2.4% today, precisely as the consensus expected and well below the 1.7% jump to 7.5% observed in the Eurozone.
• The well-controlled inflation in the country, in combination with an already small PPP premium to the USD, was also the topic of a brief opinion piece we published this week.
• Crude fell back to the psychologically important mark of $100 in another volatile week as the U.S. is considering the release of strategic reserves.
• In the U.S., Defensives outperformed Cyclicals this week as energy stocks retraced amid falling oil prices.
• Beyond that, Momentum and Growth stocks supported markets while exposure to Value and Dividend titles was sought-after less.

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