Markets were fairly resilient in the face of events that could have been expected to have more impact including - renewed uncertainty around China's stimulus plans, swings in oil prices stemming from events in the Middle East, quite strong U.S. inflation data and then some surprising commentary from U.S. presidential candidate Donald Trump.

Stocks began the week on a positive note, pushing to new record highs in the U.S. as the earnings season kicked off with better than expected results from major banks but ended up on the back foot with tech stocks leading declines on concerns about potential caps on AI chip exports.

In China, stocks reversed some of the gains from earlier in the week as details emerged suggesting the government's debt swap plans and stimulus may underwhelm expectations.

Oil experienced significant volatility, with prices falling sharply later in the week, potentially on reduced concerns that Israel would target Iran's oil infrastructure. On the economic data front, US CPI came in a bit hotter than expected although Producer Prices were softer, sending mixed signals about the inflation outlook and path of Fed rate cuts. Bond rates continued to drift upwards.

In a major interview, Donald Trump doubled down on his confrontational trade policies, threatening tariffs of 50-100% or more on China and other trading partners. While positioning him as the fighter, economists warn the approach could be inflationary. How this tough talk plays with moderates remains to be seen.

Overall, the week highlighted the myriad of cross-currents and risks facing markets currently - from geopolitics, to inflation, to political uncertainty heading into the 2024 U.S. elections. Expect choppiness to persist as investors navigate this complex environment. The path of central banks, particularly the Fed, will be critical to watch.