Global fixed income markets found stability last week amid easing U.S.–China trade tensions, while Japan's 30-year government bond yield surged to a 25-year high, reflecting shifting investor sentiment and inflation expectations.

The Fed holds the line on rate cuts, while US investors and companies are buying back stocks like never before. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major indexes finished the week narrowly mixed. Small- and mid-cap indexes led the way, posting gains for the fifth consecutive week, while the Dow fell modestly. The S&P 500 Index and the Nasdaq Composite were down roughly 50bp for the week as investors continue to digest the White House's on again/off again trade policy, ongoing developments in AI technology, the Fed, and a long tail of 1Q earnings. However, we note that exactly one month after the White House's surprising decision to pause its week-old reciprocal tariffs, the S&P 500 now sits 835 points higher (+17%) than it was at its recent low seen back on April 7th. Stocks fell in the early part of the week but recovered some losses on Wednesday following reports that U.S. and Chinese officials plan to meet in Switzerland this weekend for trade discussions.

94-year-old Warren Buffett will step down as CEO of Berkshire Hathaway, with Greg Abel, a long-time executive at the company, set to take over.

US trade fell, but markets shrugged off the decline, with the Nasdaq 100 bouncing back to pre-Liberation Day levels. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. stocks finished the week higher, with the S&P 500 Index logging its 2nd consecutive week of gains for the 1st time since January and closing Friday with its 9th straight session in positive territory - its longest win streak since Nov 2004. It has erased all of the post-Liberation-Day losses. The string of news coming out this week was unequivocally positive, supporting the market recovery that we have seen since the bottom on Apr-9. The White House continued to unilaterally pull back on its tariff policies, introducing a partial exemption for US Auto makers that use imported auto parts. On the macro side, April Payrolls report (published on Friday) revealed a resilient labor market with non-farm payrolls rising 177k alongside an unchanged unemployment rate of 4.2%.

Falling volatility has supported a rebound in global fixed income markets, yet persistent macro uncertainty—centered on trade tensions, political interference, and diverging policy paths—continues to cloud the outlook.

Meanwhile, the US economic slowdown could worsen as the tariff battle with China escalates into a tit-for-tat trade war. Each week, the Syz investment team takes you through the last seven days in seven charts.

U.S. equities advanced during the week, supported by several reports indicating that the ongoing trade tensions between the U.S. and China could be de-escalating. Speculation around near-term agreements with several other trading partners also appeared to be a tailwind, as were comments from President Donald Trump that appeared to walk back his recent threat to fire Federal Reserve Chair Jerome Powell. Some better-than-expected corporate earnings releases during the week also seemed to be a driver of positive sentiment. According to data from FactSet, 73% of the companies that had reported first-quarter results through Friday morning had beaten consensus earnings expectations. The Nasdaq led the rally, up 4 days in a row (including 3 days gaining more than 2% in a row - the most since 2001).

After weeks of volatility, global fixed income markets stabilized, supported by easing yields and central bank signals, while regional divergences and trade policy developments continue to shape investor sentiment.