Almost all risk assets rose in July, with strong gains in equities and debt. US equities are back to record highs finishing the month up 3.6% with strong gains in Japan (6.4%), Australia (6.3%), Europe (4.4%) and China (1.6%). Investment grade and high yield recorded very strong gains in the US and Australia. Commodities were a mixed bag with US oil down 14.0% and iron ore up 6.7%. Gold (2.2%), Copper (0.7%) and US natural gas (-1.4%) had smaller moves.