PremiumAs Goldman derivatives guru Brian Garrett writes in his weekend prep note (available here to pro subs), "this week was risk management not narrative shift", although one can certainly argue that markets had ramped on more expectations of good news out of the China summit, which was a huge overestimation to the nothingburger that was delivered. As Goldman's Prime Brokerage group lays out in its must-read Weekly Rundown note, after a few weeks of across the board buying - which the bank's cash desk defined thus "the most prominent trading dynamic has been SWFs and Asset Mangers getting stopped into this tape as buyers in everything AI over the past few weeks" - the latest data shows equities were net sold, although mostly via ETFs and macro beta.