Global Markets Weekly
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Charles-Henry Monchau Chief Investment officer

The #sp500 closed higher for the week on Friday, underpinned by data pointing to unexpected strength in the consumer, and another wave of better-than-expected quarterly earnings. That was the S&P's best week since July. Both Defensives and Cyclicals were bid this week but the latter outperformed. The US Commerce Department said Friday that retail sales rose 0.7% last month. That confounded economists’ forecast for a 0.2% decline. The backdrop of optimism on the economic recovery pushed Treasury yields higher, underpinning bank #stocks, which have been bolstered by upbeat quarterly results from major Wall Street banks. #commodities all made gains this week (CRB all commodities index hit an all-time record high) but #copper was the best performer over the week while #gold lagged. The #dollar fell for the 3rd straight day on Friday and broke a 5-week winning streak. cryptos soared higher, rising for the 3rd straight week, led by #bitcoin.