– Global equities and Commodities rallied, while prices on US Treasuries and the Dollar declined.
– Last week’s stock rally was broad – all sectors, styles and factors moved higher.
– China’s re-opening narrative has been a dud, but their stock market managed to cross into positive return territory for 2023 after a one week increase of 3.6%.
– Crude oil futures advanced by 7% in a week where all key commodities climbed.

– Global equities climbed modestly – fixed income and commodities were flat. S&P 500 hit the 20% rally threshold some use to define ends of bear markets.
– The most beaten up styles and sectors followed up with a second week of outperformance, which came at the expense of a decline in Large Cap Tech stocks.
– A 2.25% rally in Japanese equities helped push its year to date return above the US equity market.
– US Initial Jobless claims shot up to 261K, an 18 month high. Yield Curve Inversion is close to entering its ninth month.