US equities edged higher over the week despite a sharp sell-off in global government bonds. The US 10-year Treasury yield rose above 5.2%, while the 30-year yield reached its highest level since 2004, as stronger business activity, elevated energy prices and hawkish Federal Reserve commentary increased expectations of further rate hikes. US new home sales also rose 6.4% in August, well ahead of expectations

President Trump and President Xi agreed to extend the existing US-China trade truce by two months, avoiding an immediate escalation in tariffs. However, the summit delivered few substantive breakthroughs, with differences over tariffs, rare-earth supplies and technology restrictions remaining unresolved. Over in Europe,…