The Narrow Boom

Markets spent the past week doubting the proposition that has carried them all year. Technology stocks fell, bonds caught a defensive bid — none of it about the macro data, which if anything improved. In our charts this week: → Blue Chip: growth up almost everywhere, inflation down → US trend growth marked up — back to where it sat a decade ago → US construction: data centres rising, everything else falling faster → Chips now dominate Chinese exports. Solar has collapsed → China’s surplus with the EU widens. Europe sells no more → What European firms use AI for: words and pictures