Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph.

Quick recap

• Russia’s resumption of gas exports through the Nord Stream 1 pipeline triggered a relief rally in European equities this week, with Tech, Quality and Growth stocks as clear winners.
• The ECB’s unexpected 50bp interest rate hike helped the EUR and briefly lifted bond yields, with Italian government bonds selling off the most. However, the move was quickly reversed on Friday when the German Manufacturing PMI fell below 50, a level indicating economic contraction.
• Less fear of an energy crisis in Europe, Biden’s visit to Saudi Arabia and the increased probability of a recession in the near term also provided the perfect environment for crude to continue its decline.
• In summary, this week brought back memories of 2021 with government bonds, gold, expensive stocks and cryptocurrencies gaining while credit spreads tightened and volatility retraced.

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