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Liz Truss resigns as UK prime minister, sparking new dealings for the next Prime Minister amidst calls for a snap election. Giorgia Meloni sworn in as Italy’s first female Prime Minister, representing the Brothers of Italy party. China wraps on 20th Party Congress, culminating in the retirement of Premier Li Keqiang and Vice Premier Wang Yang from the parties top committee. US earnings mixed as SP500 gains 4% over the week.
Bond market pain continues but diverge from equity markets, prompting questions of which side is right.
Dollar does come down a bit across the board, and peak dollar could be one of the indicators of regime shift.
Commodities still within a moderation move since peaks during this summer.
Another parallel shift in the yield curve this week.
3mo – 10 yr spread briefly dips into negative territory as credit market conditions continue to devolve.