Antipodean equities have been the best performers in the world in USD terms over the past week. The bond rally following weak CPI earlier this week has put EDV, TLT, and IYR near the top of the list as well, while a surprise flip to hawkish language from BoC officials has boosted CAD. Industrials and EM have also performed well. Less strong performances came from metals and mining, steelmakers, and the food and beverage sector. The latter was hit hard today by the news that Amazon is buying Whole Foods for more than $13 billion, scaring the market on the potential for competition in the grocery sector.
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