Financial markets have been pulled between opposing forces in recent days. Risk sentiment has been hit by concerns over US lenders, credit conditions, tariffs, the government shutdown, and a potential AI-driven valuation bubble (chart 1). Offsetting this, easing growth and inflation have strengthened expectations of further central bank rate cuts, lifting soft-landing hopes. In our charts this week we drill into:
 

US equity market valuations
Non-US equity markets and data surprises
Oil prices and monetary policy
China's credit growth
US wage pressures
UK inflation

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