• Markets are all over the place this week, with wild swings in tech stocks and crypto; a retreat in commodity prices; US Treasury yields that refuse to break out even though bund yields have been surging.
  • For the week most equity markets in our universe our down, with losses ranging from 0.5% for the Italian FTSE MIB, 3.4% for our very own Dutch AEX to 4.6% for the Nasdaq. The Bloomberg crypto index (aka: the bubble index) is down nearly 10% from its recent high following disparaging comments by Elon Musk on Doge and Bitcoin (which he softened a bit later).


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