Global markets navigated a volatile week as geopolitical tensions, resilient economic data, and shifting central bank expectations drove cross-asset performance.

Last week offered a reminder that strong economic data can be a double-edged sword for markets. Recent releases pointed to resilience across the U.S. economy, including improved ISM manufacturing and services data alongside a solid May jobs report (172k payroll growth, unemployment steady at 4.3%).

Global markets navigated a volatile but ultimately constructive week, as easing geopolitical tensions and resilient economic data helped sustain risk appetite.

Markets pushed higher last week despite a mixed macro backdrop, underscoring the resilience of risk assets in the face of lingering uncertainty.

Economic data included gains in industrial production and retail sales, while consumer and producer price inflation moved higher along with recent higher oil prices.