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A tepid inflation print allowed investors to relax about the pace of Fed policy tightening and risk assets broke key technical  levels which triggered another wave of short covering.

However, geopolitical risks remain (seeking a regime change in Iran via  an economic destabilisation of the country will not happen without a bang if that is the purpose of denouncing the accord), Italy still needs to form a government and the impact of higher oil on the consumer and (bad) inflation will soon start to bite.  The US being energy independent, the old rule of thumb that 10% rise in oil reduces gdp by 0.3% has lost 2/3 of its significance.. but not for Europe and Asia. The USD stumbled today allowing EM currencies and bonds to recover some of their heavy recent losses.

More runaway gains in stocks saw the small cap index regain January’s (idem for the cac40) all time highs)...

Gold and silver were strong, mostly on dollar weakness and keeping an eye on everything that does not look right.

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