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Archinomics Weekly - Tuesday 31st August 2021

4 months ago



US equities gained ground, with the Nasdaq outperforming, in quiet summer volumes. European bourses also rose, encouraged by higher Covid vaccination rates. Japan’s equity indices were firmer, as the yen lost ground, while Chinese markets continued their recovery.


US Treasury yields rose slightly, on broadly positive data, as prices fell. In Europe both core and peripheral bond markets followed the US trend. Corporate credit spreads tightened, on healthy risk sentiment, which further supported the performance of the high yield end of the market.


The US dollar weakened against most majors, as the Federal Reserve gave no clear timing on tapering plans. The euro put in a strong performance, while the yen weakened across the board on recovery fears.


Oil rallied strongly on hopes of an improving demand picture. Copper and other industrial metals also recovered ground.

Responsible investing

A report by the think tank InfluenceMap, entitled Climate Funds: Are they Paris Aligned? has concluded that 71% of the $265 billion of funds broadly classed as ESG are not aligned with the Paris agreement. The misalignment can largely be ascribed to the use of passive funds.


The annual Jackson Hole Symposium for central bankers produced no surprises on the eventual tapering of monetary support.

The European Central Bank reiterated the view that inflation should prove transitory over the course of the year.

Chinese tech giant Tencent warned of further regulatory pressure, while announcing very strong Q2 results.

on the

PMI data from across the globe are expected to show business sentiment holding at recent high levels.

US August non-farm payrolls are forecast to come in at 750,000, with the unemployment rate dropping to 5.2%.

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