Flash note

Global fixed income markets remained volatile as Treasuries yields hit 2025 lows, ECB rate cut expectations waver, and China's bond yields spike, hinting at a potential economic rebound.

The EU’s most costly budgets, bitcoin’s market swings, and rising US bankruptcies. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major equity indexes declined during the week after the S&P 500 closing at record highs on Tuesday and Wednesday. However, indexes retreated sharply in the latter half of the week. Many of the week’s headlines centered around tariff news and amid President Trump’s efforts to end the Russia-Ukraine conflict. Investor’s sentiment worsened on Thursday partially due to Walmart’s Q4 earnings report. While the retailer beat estimates for the quarter, its guidance for the year ahead fell short, which led to concerns regarding consumer spending and the health of the overall economy. Elsewhere, the S&P Global flash Composite PMI reading came in at a 17-month low of 50.4.

What is at stake, what to look for, and what are the implications?

Stronger-than-expected U.S. inflation data briefly sent rate cut expectations tumbling before weak retail sales and PPI data reversed the move. Meanwhile, European bonds reacted to GDP surprises, while emerging markets saw sharp divergences—Ukrainian bonds rallied on peace talk hopes, but Mexican debt widened amid political tensions.

Global stocks outshine US in 2025 so far and Ukrainian peace talks spark economic momentum. Each week, the Syz investment team takes you through the last seven days in seven charts.

The Nasdaq was the week's best performing major equity index (up almost 3%) followed by the S&P 500. The laggard was Small Caps which ended the week unchanged. Growth stocks outperformed value shares as Technology, Energy, & Materials all outperformed with only the Healthcare sector in the red for the week. Stocks had their best day of the week on Thursday, largely in response to President Donald Trump’s decision to not introduce new global tariffs, instead signing an order that—following further study—could lead to the implementation of reciprocal tariffs on a country-by-country basis by April 1.

With long-term U.S. real yields hitting cycle highs near 2.5%, the Trump administration’s initiatives aim to restore fiscal credibility and lower borrowing costs—but execution risks remain high. Meanwhile, global central banks and markets react to inflation surprises, BOE rate cuts, and deepening trade tensions.

More trade war tariffs have been collected under Biden than Trump, but US tariffs remain among the lowest in the developed world. Meanwhile, gold prices hit new highs. Each week, the Syz investment team takes you through the last seven days in seven charts.