After a few weeks of hesitation around the beginning of the new year, the equity bulls finally returned to the market last week on the back of a set of slower-than-expected inflation figures from both the US and the UK, and a set of stronger-than-expected US big bank results.
The global bond yields retreated in the developed world from a peak reached earlier last week and let the equities take a breather. In FX and commodities, the US dollar retreated on the back of soft CPI and softening Federal Reserve (Fed) expectations, leading to a slow down of the selloff in the EURUSD and Cable. US crude traded past the $80pb but couldn’t extend gains above this level.
Today, Donald Trump will be sworn in and officially move into the White House. A good part of Trump trade has already happened – the small and mid-caps rallied, energy and financials...










