– 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.

– Global financial assets rallied across the board last week. Commodities were flat on a drop in oil prices.
– All sectors, styles and factors advanced. The most beaten up areas snapped back sharply.
– European stocks underperformed for the second week in a row, hindering relative gains on international indices.
– Treasury Bill yields climbed above 5.5%, the highest level since January 2001. Fed Funds are pricing in a 25bp increase for June.