Despite a lighter dose of traditional micro and macro data points, market participants chopped plenty of wood this week.

Along the way, Goldman Sachs head of hedge fund coverage, Tony Pasquariello, saw a handful of key themes stood out:

i. the local interplay between geopolitics and the financial markets remains very intense (simply witness price action in global defense stocks). 

ii. there’s an immense amount of focus on China right now, and President Xi’s embrace of his private sector marks a potential inflection point.

iii. Europe: a great start to the year gave way to an uneven week; alongside the ongoing exchange on tariffs and Ukraine, focus now turns to the German election. 

iv. Friday was the worst day of the year in US equities -- a cocktail of serious reversion in the momentum factor, a high U-M inflation print and stories of “pandemic potential.” 

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