Global Daily: Animal spirits

The NASDAQ and S&P500 pumped higher yesterday as trade war détente and a lower-than-expected US CPI print fuelled optimism. The S&P500 is now in the black year-to-date and the NASDAQ is in bull market territory, despite the index remaining south of where it was on January 1st. Crude oil extended gains for a fourth-straight session, rising 2.57%, and yields on 10-year Treasuries finished mostly unchanged after trading in a 6bp range.