What gives?

Global financial markets head into late summer buoyed by resilient risk appetite, underpinned by hopes that AI will boost productivity and growth alongside expectations for further central bank policy easing. Yet this optimism has not been fully mirrored in the macro outlook. In our charts this week we focus on:

• Markets and data surprises
• The US investment consensus
• The global growth consensus
• US inflation drivers
• The UK labour market
• Energy prices and monetary policy