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 stocks finished sharply higher on Friday, but the recovery was reversed in futures markets less than an hour after close. U.S. markets finished roughly 1% lower on Friday.
• Shaky stock market performance on Friday was widely attributed to stronger than expected Nonfarm Payroll data, fueling fears of Fed tightening. Indeed, benchmark yields rose further this week, especially on the short end of the curve - even though rates slightly retraced slightly towards the end of the week.
• The end of the week also brought a further escalation of the energy crisis, as a G7-backed price cap on Russian oil was answered with the indefinite shutdown of supply to Europe.
• Meanwhile, China’s stock declined as a fresh round of harsh Covid restrictions cast doubts about the effectiveness of recently introduced fiscal and monetary stimulus measures.

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