The S&P 500 was on course for its 15th positive week of the last 16, but a late-day sell-off spoiled the historic streak which hasn't happened since March 1972.
This occurred in a week that saw hotter-than-expected inflation (CPI and PPI), but weaker-than-expected retail sales, industrial production, and housing activity - which all sounds very stagflation-y.
But, based on the lagged impact of the dramatic easing of financial conditions last year, I suspect this 'weak' week is a blip and economic 'animal spirits 2.0' continues for another month at least...
Source: Bloomberg
hotter than expected CPI, jobless claims, and then PPI means higher treasury yields which means higher US Mortgage rates...
Source: Bloomberg
Bitcoin has been on a tear - trading over USD$52,0000 - all thanks to the USD$2bn of net inflows (that's that key word again!) into Spot Bitcoin ETF's this week past.
Source: Bloomberg
And the Bitcoin all time high seems to be a potential target of the current bull run...
Source: Bloomberg
Notably, bitcoin ETFs have seen almost $5BN of net inflows since inception and during that time, Gold ETFs have seen net outflows of over $2BN...
Source: Bloomberg
Oil prices rallied for the 4th week of the last 5, with WTI back above $79 and it highest close since the first week of November...
Source: Bloomberg
ASX listed energy giant Woodside seems one of a very few listed ASX stocks that appears to be offering any value. WDS is also trading cum-its next dividend (yet to be declared)
Source: Iress
Finally, is history going to repeat?
Source: Bloomberg
0.94 represents a strong positive linear relationship between the two variables.
Happy Monday!
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Andy is the founder of ANDIKA Pty Ltd, a licensed securities & derivatives dealer. He's the author of fiction and non-fiction books and has been a University lecturer on risk and investment.
