WEEKLY SNAPSHOT: US Assets Outperform In A Week Of US-China Ambivalence

*US 10y yields soared +20bps on net US-China trade hopes
*RBA unchanged; BoE held but with a dovish tone
*S&P 500 Futures finished a slither off all-time highs

We publish this new weekly snapshot compiling the returns of all major EM and DM instruments across FX, equities, fixed income and commodities; combined with a few relevant comments highlighting the drivers of price action. Over the next few weeks, we'll be rolling out additional columns in volatility, positioning and near-term conviction as part of the tables.


  • USD broad bid against G10 but mixed against EM.


  • Equities were buoyed by US-China headlines.

Fixed Income & Commodities:

  • Bond flows were negative which led yields broadly higher.


Source: Eikon data, ThinkMarkets. Returns are measured from the first available hourly data point till the end of Asia Friday. FX, equities and commods are measured in log returns. Fixed income returns are simply bps differentials.