Dovish macro data (a big miss in both the CPI and PPI), and early indications that the impact from tariffs might be far more benign than feared, buoyed US Equities in the first half of last week, before giving way to rising geopolitical tensions, which ultimately dragged the S&P500 lower (although those have now reversed too as the BTFD brigade has arrived).
The flow picture continues to be one of non-economic players providing less support (see outflows from Equity Mutual funds, CTA buying reduced to a trickle, and reduced Buyback pace) while fundamental players are mixed : Long Onlys finished the week +$10bn net buyers, while Hedge Funds were $2bn net sellers on US floor (note on a slightly different timeline HFs were small net buyers according to Goldman's PB data).
