After a tempestuous month (couple of weeks)...
Europe (SXXP) +3.3%
China (CSI 300) +1.9%
US (S&P) -1.4%
Japan (NKY) -6.1%.
US cyclicals-vs-defensives pair had its worst month since the summer of 2022
yields on US 10-year notes dropped 33 bps
and USD/JPY fell 5 big figures.
There is a clear through-line here, according to Goldman Sachs head of hedge fund coverage, Tony Pasquariello summarizes: after a long and powerful run, the US exceptionalism thesis has come under pressure.
