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

• Accelerating U.S. inflation and a hawkish ECB resulted in a sharp risk-off move towards the end of the week.
• U.S. and European stocks fell in tandem as benchmark yields, and credit spread surged. Gold offered only a little protection, but Chinese stocks became a bright spot amid the turmoil despite a renewed commitment to Zero-Covid.
• Interestingly, in Europe, there was little dispersion between style factors as Value and Growth performed equally poorly despite another increase in oil prices and rising yields.
• Meanwhile, western regulators’ scrutiny of ESG claims continues with the SEC investigating Goldman Sachs, looking for potential greenwashing activities.

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