This week’s report reviews what turned out to be a significant ‘switch-back’ in markets, hence the title, ‘The equity bears are squealing again’ – driven by excellent US non-farm payrolls and the planned North Korea meeting. Tech stocks surged, and we are overweight that sector, while the performance of equities generally supports our positive view of risk assets for 2018. We expect to revise our expected crude oil trading range later in the year, perhaps to $80 on the upside. Trump’s tariffs look like a negotiating ploy, and frankly aren’t very important. The FAB Asset Allocation Committee considered a tactical overweight in G3 government bonds, and while concluding that would be a good trade members remained too bullish of equities to find the cash to pay for it – therefore underlining its bullish equity positioning.