Over the past week numerous global equity indices made new highs, and it wasn’t just about the US. Brazil, Israel, Poland, and Taiwan are just of the few major outperformers. Within the US equity markets biotech, pharma and banks outperformed. Natural gas continues to fall after a smaller than expected draw in natural gas inventories reported this morning. Treasuries, oil, energy commodities, Indonesia, and New Zealand all underperformed as well.

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