• Can equities tolerate higher bond yields? – The spike in yields of late has sent shivers through stock markets, which recently reached all-time highs and whose valuations are seen as stretched. But this rise in yields, if contained, isn’t necessarily bad news for stocks. Rather, it suggests to us that the rotation into reflation-driven cyclical stocks may have legs. (pg 1)

• U.S. equities exhibit dispersion as value outperforms growth – U.S. equities mostly lower, but Dow Jones bucks trend and trades higher for the week. Value outperformance is accelerating, and leading indicators rally to near pre-COVID-19 highs. (pg 3)

• Regional highlights: Canada’s big six banks’ earnings results beat expectations; British pound leads G10 currencies in 2021; Trading tax increase in Hong Kong. (pgs 3-4)

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