Macro News
Global: Global stocks continue their rally, ignoring the delay of the Trump-Xi meeting, which is now pushed into June. The MSCI World Index is now back to its October level, completely erasing the Q4 equity rout despite the elevated uncertainty. Sell-side institutions are currently pricing in another 7 days before CTAs start buying again if the market does not experience a tactical consolidation. There are numerous reasons why we are still skeptical about the global rally in equities since the start of the year: uncertainty remains elevated (even though the Global EPU index