The overall friendly environment on financial markets prevailed last week. While euro area macroeconomic data were on balance mixed, US data were slightly better than expected.

Markets took a breather after weeks of appreciation. European stocks underperformed, caught in between the repricing in govies yield and a rising Euro. Japanese and EM stocks were resilient.

The European Securities and Markets Authority has appointed two new members to its Management Board to replace two outgoing members who stepped down from their positions in December 2017.

Technology stocks have continued to outpace broader equity markets in 2018. Together Apple, Amazon, Google, Facebook and Microsoft have a market cap value of $3.6 trillion and a net cash balance of just over $365bn. These quarterly earnings reports epitomise a virtuous circle of cash generation, investment and share gains - part of the technology sector fly wheel.

ETFGI reported today that assets invested in Smart Beta ETFs and ETPs listed globally increased by 32.3% during 2017 to reach a new high of US$658.35 Bn at the end of December. (All dollar values in USD unless otherwise noted.)