Last week’s data showed US growth holding up despite a softening labor market, improving momentum in China, and weakness in Europe and Japan. Policy paths diverged, with Australia hiking rates while the ECB, BoE and RBI held steady, and the US announcing tariff cuts on Indian goods to 18%. Global equity markets closed mixed last week, with some benchmarks hitting record highs, while Treasury yields fell across maturities, the US dollar strengthened and oil prices eased. China‑related demand has attracted attention. Shanghai futures trading has been active but still sits well below the COMEX level y-t-d ... (full story)