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Archinomics Weekly - Monday 19th July 2021

4 days ago

the
MARKETS

Equities

The main US indices retreated from recent highs, as the June inflation number topped expectations. European markets fell on recovery concerns, as the Delta variant spread. Japan made positive ground, despite the fourth Covid-19 state of emergency, while China’s CSI 300 index also rose after Q2 GDP numbers.

Bonds

US Treasuries reacted calmly to the inflation figure, as yields slipped slightly, and prices rose, for longer-dated bonds. Core eurozone yields also fell. Investment grade corporate bond market activity was muted, while spreads widened over the week. Inflation fears left high yield market sentiment subdued.

Currencies

The US dollar gained against the euro and sterling and remained steady against the yen. Sterling fell against all majors, while the yen gained ground across the board.

Commodities

Oil prices came off recent highs, as the OPEC+ group approached a deal on production cuts. Elsewhere, commodity markets remained quiet.

Responsible investing

The Bank of Japan announced 0% loans for the financing of projects that contribute towards net zero carbon targets.

MACROECONOMIC
UPDATE

US headline CPI inflation touched a thirteen-year high, beating forecasts to come in at 5.4%, with used cars a major driver.


China’s Q2 GDP growth failed to meet expectations of 8.1%, coming in at 7.9% against the Q1 recovery growth rate of 18.3%.


OPEC+ reached an agreement on output, which will see production increase by 400,000 barrels a day in August.

on the
RADAR

The ECB meeting, could bring more detail on plans for average inflation targeting.


Flash PMI data from around the globe will indicate the current state of business sentiment.

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