Banks have been the best performers in the US equity markets over the past few days but its Japanese equities (hedged for the fall in yen) that have been the top gainer over the last five days among ETFs we track. We also note European FX-hedged equities have done very well, along with a few odds and ends. Gold continues to underperform on the losing side of the equation while WTI is making fresh lows today following a larger than expected inventory build reported by the EIA.

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