Europe

What happened last week Softening Economic Data: Cooler than expected inflation data weighed on interest rates; September rate cut now the base case. Equity Markets

What happened last week Price Action: MAG-7 leads U.S. equity indices to fresh all-time highs as small-caps and large-cap value decline. Softening Economic Data: Unemployment

What happened last week Reversion Price Action: Year-to-date equity trends continued their reversal last week; small caps and internationals led U.S. mega-cap technology. U.S. Debate:

What happened last week AI vs. the Rest: Year-to-date equity trends reversed last week as small-caps led mega-cap tech; quarter/month-end and specific product rebalancing flows