Markets steadied last week despite U.S.–China trade tensions and a government data blackout. The real drama came from gold and silver, which soared to record highs before crashing in their biggest one-day fall since 2020. In Australia, a surprise rise in unemployment shifted expectations toward an RBA rate cut, while U.S. regional banks faced renewed credit concerns. Central banks are diverging globally, with the Fed leaning dovish, Canada wrestling with inflation, and Japan’s new leadership signaling policy change.

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