• Markets have continued their upward trajectory this week.

• Japan’s GDP stumbled in the second quarter, rising just 0.2% on an annualized basis compared to 1.9% in the previous quarter, raising concerns about the effectiveness of the government’s stimulus measures. More stimulus could follow.

• In the U.K., inflation is continuing to rise on the back of a weaker pound following the Brexit vote: the CPI rose to 0.6% in July from 0.5% in June and 0.4% in May.

• U.K.’s employment data showed positive signs, despite expectations of a deterioration of the jobs market. In July, the number of people claiming unemployment benefits fell by 8,600, against forecasts of a 5,200 rise.

• German ZEW economic sentiment climbed back from negative territory in July, to 0.5, indicating slight optimism in the market, while overall EU sentiment stood at 4.6, up from -14.7 previously.

• In the U.S., consumer inflation remained unchanged in July at 1.6%, despite signs of accelerating economic activity.

• The Federal Reserve’s minutes showed policymakers were divided on when to increase interest rates again, with some favoring an imminent hike, while others suggested more data was needed before making a decision. For now, doves are winning.

• Unemployment claims in the U.S. stood at 262,000 versus expectations of 265,000, further confirming a bright labor market picture.

• Philly Fed manufacturing index was in expansion mode in July, with a reading of 2.0, in line with analysts’ expectations.

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• The broad market (SPY A) has risen 0.26% this week, as market optimism seems unwavering.

• Low Volatility ETF (SPLV A) is down 0.28% since last Thursday.

• The high beta ETF (SPHB B-) has jumped 2.46% in the past week, confirming a risk-on environment, despite weak fundamental data.

• All major indexes are up this week.

• This week, iShares Russell 2000 Index (IWM B+) has posted the best performance, rising 0.91%.

• Emerging markets (EEM A-) have fared best for the rolling month, advancing 5.94% on the back of recovering oil prices and expectations the Federal Reserve will not raise interest rates anytime soon.

• Dow Jones (DIA A-) is the worst performer for the week and the rolling month, up 0.11% and 0.72%, respectively, as other riskier asset classes were favored by investors. Dow Jones reached new all-time highs this week.

• Foreign ETFs were mixed for the week.

• The Chinese equities (FXI A-) have bested every other asset this week, with a 2.09% rise on market optimism about the approval of a trading connect between mainland China’s Shenzen bourse and Hong Kong’s stock exchange.

• Brazil (EWZ B+) is the worst performer this week, with a fall of 0.69%, after weeks of outperformance. This week, the market was in correction mode.

• Germany (EWG B+) is the best performer for the rolling month, with a 9.37% gain.

• For the rolling month, Russia’s stock markets (RSX B+) have fared worse, rising just 2.67%, as the renewal of tensions in Eastern Ukraine prompted fears the country could face a new round of sanctions from its Western allies.

• Commodities were all up, with two exceptions.

• Oil (USO A) has had a stellar performance this week, soaring as much as 9.71%, which makes it the best performer for the week and the rolling month. U.S. stockpiles unexpectedly dropped by 2.5 million barrels this week, while optimism about a possible deal between Russia and Saudi Arabia on freezing oil output further boosted crude. For the rolling month, oil is up 4.73%.

• Silver (SLV C+) has been the worst performer this week, dropping 1.98%, after weeks of recording exceptional gains. The metal started to suffer on the back of a risk-on approach in the market.

• Copper (JJC A) has fallen 4.14% for the rolling month, representing the worst performance of the bunch, as a supply glut is unlikely to abate anytime soon.

• Currencies were mixed for the week.

• The Euro (FXE A) has risen the most this week, by 1.48%.

• The U.S. dollar (UUP A) has posted the worst performance for the week and the rolling month, dropping 1.38% and 2.99%, respectively.

• The Japanese yen (FXY C+) is the best performer for the rolling month, up 6.48%, as the latest disappointing GDP data prompted bets authorities will take further steps to stimulate a stagnating economy.

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Disclosure: No positions at time of writing.