Weekly Market Overview: Key Themes Driving All Asset Classes This Week

Weekly markets overview — the key themes driving price action across all asset classes: **Theme 1: Fed Rate Expectations** The Federal Reserve remains the primary driver of global markets. Rate cut expectations have been pushed further out due to sticky inflation (CPI 3.4% vs 2% target). This is keeping the USD broadly supported and creating headwinds for equities and gold. **Theme 2: China Recovery (or lack thereof)** China's economic data continues to disappoint — manufacturing PMI below 50, property sector crisis ongoing. This pressures commodity-linked currencies (AUD, NZD, CAD) and base metals. **Theme 3: AI/Tech Earnings Strength** Major US tech companies continue delivering strong results. This bifurcation — tech strong, broader economy slowing — is creating unique positioning opportunities in the Nasdaq vs S&P 500. **Theme 4: Middle East Geopolitical Risk** Gold and oil maintain elevated risk premiums due to ongoing tensions. **This week's key events:** - Tuesday: Eurozone CPI - Wednesday: FOMC minutes - Thursday: US jobless claims - Friday: US retail sales What's your highest-conviction trade for this week based on these themes?