Global equities sold off last week as investors grappled with accelerating inflation, weakness in tech and renewed conflict in the Middle East. However, over the weekend, US and Iranian officials reached a framework agreement to end the conflict and reopen the Strait of Hormuz. Under the agreement, the strait would reopen gradually, with Iranian forces clearing mines over 30 days, and no tolls charged for 60 days. On the macro front, US CPI came in at 4.2%, in line with expectations but above the 4% level for the first time in 3 years. US producer prices increased 1.1% for the month, higher than expected, due to higher energy costs.

In Europe, the European Central Bank raised interest rates by 25 bps, as expected. ECB President…