Calm Before the Data Storm

Morning all, just a quick note to get the day started

Markets are entering Q3 with risk appetite riding high but this week could challenge that calm. US equities notched fresh record highs last week as geopolitical risks faded and trade talks flickered back to life. A ceasefire between Israel and Iran helped unwind the energy risk premium, while news out of Washington suggested incremental progress on tariffs with China and the EU. Add in dovish Fed tones, lower Treasury yields, and broad strength across tech and consumer names, and it’s little wonder the Dow posted its best week in months.

But under the surface, things are getting more complicated.

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