Improved macroeconomic data, some very good company results and new enthusiasm around artificial intelligence (AI) had a supportive effect. Many market participants were positioned too defensively due to concerns about trade and geopolitics and had to chase the market. Interest rate trends painted a mixed picture. Expectations of an increasingly loose US monetary policy led to falling USD interest rates, while the announcement of new fiscal packages by European governments led to rising EUR interest rates. Overall, however, global corporate bonds made good gains again.