Earlier this month I discussed the possibility that the US stock market’s year-to-date performance would slip to second place as Africa shares rallied. Nearly two weeks later, the switch is complete, based on a set of proxy ETFs.

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* Oil prices expected to remain elevated amid risk of wider Middle East war
* US 10yr yield falls to 3.80% after Fed’s Powell talks of rate cuts
* Gold holds near record high after Powell’s dovish policy comments
* German business sentiment falls for third consecutive month in August
* US new home sales in July rise to highest level in over a year:

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