Hello, everybody, and welcome back to our weekly Portfolio Watch!

What an eventful week it has been! Prigozhin’s march on Moscow last weekend turned out to be a red herring for the markets this week – and it appears that volatility is primarily driven by positioning and the continuous stream of data releases. The US economy continues to outperform, while expectations on the European front seem to be consistently overoptimistic. Both of these trends tend to favor our current allocational set-up and of course, align with our research.
See here the respective performance in the surprise indexes :

Chart 1:  Citi Surprise index

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