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 finished higher this week, following a surge in Put buying at the end of last week.
• Relatively stable stock markets were accompanied by a recovery in credit spreads, slightly higher benchmark rates and little changes in the oil price.
• Eyes were on China as the CCP held its National Congress, which ended with dramatic scenes as Premier Li Keqiang prematurely retired, and Xi’s predecessor Hu Jintao was escorted from the stage while Xi was proclaimed as China’s most significant leader since Mao Zedong.
• Meanwhile, the PBoC went for a weaker yuan fix, accepting the USD’s strength amid the hawkish Fed and the market’s disappointment about the outlook on China’s Covid policy. Moreover, there has been some optimism about an easing of entry requirements, but new lockdowns in Xi’an give other signals.

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