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Key talking points include:
- Global markets surged on the week as global trade tensions eased. Markets were quick to react to the US-China trade announcement, with economists increasing their forecasts for US GDP growth while reducing the odds of recession. Many strategists also upgraded their earnings forecasts on the assumption that the worst of the trade battle is likely behind us.
- US large-cap stocks approached but narrowly avoided bear-market territory, dropping 19% from February’s peak to mid-April’s low before making an impressive climb back into positive territory for 2025 as of last week.
- While the path to a new peak still lies ahead, the market's recent performance demonstrates that by trying to avoid the worst days in the market, you could miss some of the best.
- The S&P 500 surged by 5.3% (MTD 6.3%, YTD 1.3%) while the Euro Stoxx 600 rose by 2.1% (MTD 4.1%, YTD 8.2%).
- Global PMIs - a business survey - on Thursday are the main data of note this week while trade developments are set to remain in focus.