– Global stocks rallied – bonds and REITs sold off. US equities take the lead among asset classes.
– Over the last 3 mos, value stocks staging comeback, outperforming growth across mkt cap spectrum. Utilities sold off more than 3.5% as bond yields climbed.
– Emerging markets outperformed last week. US Dollar starting to weaken against Chinese Renminbi as optimism around Phase 1 deal builds.
– Bonds sold off nearly across the board, with the exception of US high yield. US Bond market has stopped pricing in add’l rate cuts.
![World Wrap](https://www.cypresscapital.com/wp-content/uploads/Research/Reports/20191104-World-Wrap-pdf.png)