
Steven Bell
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Virus cases rise, and so do stock markets: is this sustainable?
The US economy: welcome to the working week
Starting with the US, after strong numbers for employment and services that I mentioned last week, we’ve had some weaker readings. The University of Michigan survey showed a decline in consumer sentiment, linked to the rise in new virus cases. This also explained a dip in some of the high frequency reopening data: airline traffic edged lower along with hotel and restaurant bookings.
Vaccination rates key to economic recovery
Corporates appear to have protected recent profit margins
After another bumper earnings season, there are signs that companies have been able to protect their margins, despite the disruption associated with Covid and the difficulties in recruiting workers. All this means that we remain confident in our central view that risks assets are set to outperform cash and bonds, and we prefer developed market assets over emerging markets.
We’ll be taking a break this month from our Macro Update webinar, but these weekly updates will continue.
Risk Disclaimer
Past performance is not a guide to future performance. The value of investments and any income derived from them can go down as well as up and investors may not get back the original amount invested.
The information, opinions, estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject to change at any time.
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