Last week saw new tariffs announced and higher tariffs take effect. Central banks in the UK and India made cautious, diverging policy moves. US economic data showed signs of weakness, while strong corporate earnings lifted investor sentiment. • Major global equities rose, driven by strong corporate earnings in the US, Europe, and Japan, while Chinese markets gained on solid trade data. US Treasury yields climbed, the dollar softened, and oil edged lower. • Gold above the US$3,351/oz high would be seen to mark the completion of a “triangle” continuation pattern for a resumption of the core uptrend (p6 & appendix). • ... (full story)