U.S. equities posted strong gains for the week, with positive sentiment largely driven by news that the U.S. and China had agreed to a substantial de-escalation of trade tensions following talks in Switzerland over the weekend. The Nasdaq Composite led the way for major indexes, advancing 7.2%, while the S&P 500 Index and Dow Jones gained 5.3% and 3.4%, respectively. On the US macro side, consumer price inflation in April was lower than expected. Retail sales growth decelerated in April while consumer sentiment continued to slide. In the EU, industrial production jumped in March, suggesting that the sector is emerging from a two-year recession. Japan’s economy contracted by more than expected in the first quarter of 2025, with gross domestic product (GDP) falling an annualized 0.7% quarter on quarter (q/q), versus consensus estimates of a 0.2% q/q decline. U.S. Treasury yields were higher across most maturities. Outside the US, the pan-European STOXX Europe 600 Index ended 2.1% higher. In China, the onshore benchmark CSI 300 Index rose 1.1% while in Japan, the Nikkei 225 Index gained 0.7%. The dollar rallied for the second week in a row - its best week since mid-February. Meanwhile, Gold suffered its worst week since the election. Oil rallied for the second week in a row, with WTI back above $62. After five straight weeks higher, bitcoin was unchanged on the week. Ethereum rallied for the fourth straight week, testing up to its 200DMA, and back above pre-election lows.