Highlights
• Global equities do not worry about geopolitics or the oil price so far
• U.S. 10-year yield up slightly ahead of the Fed meeting
• Chinese retail sales are strong while industrial production slows
• Our high conviction calls delivered 20% over the past year
Key Takeaways
• Stocks Are Not Concerned About the War or the Oil Price Surge: Even as the Israel-Iran war enters its fourth day and sends global geopolitical risks ever higher, along with sharply higher oil prices (Brent crude jumping as much as +3% to around $75 per barrel — but has since eased back), equity markets globally are enjoying a dead-cat bounce after Friday’s steep drawdown.
