U.S. stocks wrapped up a turbulent week with the S&P 500 marking its first back-to-back weekly decline since June.

Despite the consensus narrative, what we are currently experiencing globally is not “de‑dollarization,” but a broad loss of confidence in developed economies’ fiat currencies and sovereign debt as a reserve asset for central banks and institutions.

Four of the magnificent 7 prepare to report quarterly earnings this week, with numbers from Microsoft, Meta, Tesla, and Apple that could set the tone for the entire sector.

The Pound Sterling struggles to extend Friday’s gains, which came after strong UK Retail Sales and PMI data.