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The US midterm elections delivered a comprehensive victory for the Democrats, who have seized control of Congress after a chastening night for the Republicans.
Renewed doubts about AI spending, triggered by disappointing results from Alphabet, Amazon and Intel, sent tech stocks lower around the world last week and pushed investors into bonds.
The US will hold its midterm elections - a de facto referendum on the Trump administration - on 3rd November after two years shaped by rising trade protectionism, attacks on Federal Reserve independence and, since the spring, the Iran war.
Global bond markets finally found their footing last week, and currency markets followed suit.
The relentless sell-off in government bonds worldwide remained the dominant force in financial markets last week.
The steady grind higher in bond yields worldwide continues to be the central development for financial markets.
The Federal Reserve's September meeting delivered an interest rate hike and unmistakably hawkish message last week, making it clear that the central bank is squarely focused on bringing down inflation.
August inflation data out of the US did nothing to allay fears that the Fed's inflation target is still out of reach, triggering investors to price in a near certainty of a hike this week.
Friday's stellar US jobs report has ratcheted up the pressure on the Fed ahead of its September meeting, with investors now leaning toward a rate hike rather than a hold.
Dollar weakness amid debt concerns set the tone for markets last week.
US inflation for July came out exactly as expected last week - other than that, there was little news elsewhere to move markets.
July was a relatively calm month in the foreign exchange market before activity exploded into life at the eleventh hour.
