TRADING DAY-Turbulent week ends with Friday flourish

TRADING DAY
Making sense of the forces driving global markets
World markets on Friday ended another choppy week on an upbeat note as investors pushed aside growing concerns over the global trade war and bought back beaten down stocks, although few will be confident a definitive market bottom has been reached yet.
U.S. President Donald Trump's tariff agenda is very much in place, and markets remain vulnerable to the next escalation in tensions. The lack of any new announcement from Trump on Friday was, for investors, perhaps a classic case of 'no news is good news'.
Another dose of good news on Friday came from
Meanwhile, the
But the broader horizon is filled with dark, ominous clouds,
indicated by some key market moves and economic data on Friday -
safe-haven demand propelled gold above
This is also reflected in the latest fund flows data from
Around
These are big numbers, but won't be bothering policymakers
too unduly just yet. A renewed wave of selling though, and that
calculus might start to change - investors will be scrutinizing
the Fed, Bank of Japan and
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[Latest Market Data segment]
This Week's Key Market Moves
* Gold breaks above
* World stocks have their worst week of the year, with the
MSCI
All Country index falling 2%. Friday's relief rally on
* The S&P 500 and Nasdaq have their best day of the year on Friday, both leaping more than 2%. But both register their fourth weekly declines in a row. Momentum still seems tilted to the downside.
* U.S. 'Big Tech' dips into bear market territory, with the
* U.S. high-yield credit spreads widen to 340 basis points, the widest in six months. It was the second biggest weekly move in two years, but overall spread level is still low given the high degree of macro and market uncertainty.
* Chinese stocks rise as much as 2.4% on Friday to new highs
for
the year on growing hopes
Chart of the Week
This is remarkable in itself, and helps explain why high household, business and federal debt hasn't been the ticking time-bomb many thought it would be when the Fed began raising interest rates - as a share of GDP, borrowing has not grown much at all, and in many cases, has fallen substantially.
What could move markets on Monday?
*
*
*
* U.S. retail sales (February)
Here are some of the best things I read this week:
1. Central banks slip into the shadows
2. Trump's confidence-sapping policies echo the 1930s
3. Tesla's stock defied gravity for years. Is
4. A stain on
5. As Trump thaws ties,
Opinions expressed are those of the author. They do not reflect
the views of
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