As we detailed here, markets rallied sharply on a US-China trade deal, Goldman Sachs noted that global equities on the Prime book saw the second largest notional net buying in 5 years (+4.3 Z score), driven by short covers and to a lesser extent long buys (1.6 to 1). All regions were net bought, led by North America and to a lesser extent Europe (both led by short covers).
The market was propelled higher in the US by beta/AI (Middle East deals) while defensives and bonds proxies lagged across the board...
