So far this year, market trends have been dominated by strengthening economic activity in Europe and Japan, continuing growth in the US and Asia, and subdued inflation. Amidst this backdrop, markets have generally been benign, characterised by strong equity performance and stable bond markets. These trends continued into July, with equity markets again producing the best returns, led by emerging markets, whilst bond markets progressed with credit and highyield bonds outperforming government bonds. Volatility remained extraordinarily low with the VIX index reaching all-time lows. Perhaps the most notable feature of the month was the further slide in US Dollar, down 2.9% on a trade-weighted basis during the month and 9.1% year-to-date, moving to levels of early 2015. Oil was also a major mover during the month, forming a sizeable recovery with Brent Crude up 9.9% during July, reducing its year to date fall to 7.3%. The partial recovery of Brent crude was triggered by Saudi pledges to cut exports together with the first signs that the shale oil boom in the US is slowing.
Imperium Capital Publication
Weekly Digest – 20 August 2017
- Eurozone GDP growth outpaces expectations
- US-North Korea tensions ease
- Japan reports strong GDP growth
- UK records negative inflation in June
- President Trump disbands Business and Manufacturing forums
Weekly Digest – 13 August 2017
- Oil prices finished the week -0.6% with Brent standing at USD 51.8
- Gold was up 2.4% and silver was up 4.9% on the week
- Global government bond yields continue to fall
- Bitcoin breaks the $4000 barrier
- Global markets react to rising tensions between US and North Korea
Weekly Digest – 6 August 2017
- Oil prices finished the week relatively flat with Brent standing at USD52.46
- Gold fell 0.9% to 1257.6
- Technology shares buoyed by Apple results
- An overall flat week on the markets with some upward momentum on Friday
Weekly Digest – 30 July 2017
- US GDP growth rebounds from disappointing Q1 growth
- Federal Reserve indicates imminent balance sheet normalisation
- US Senate begins healthcare legislation debate
- Brent crude rises 9.3% following Saudi export cuts
- Greece returns to the sovereign debt market after three year hiatus