After a first half-year which was the worst for equity markets in the US since 1970, markets rallied off June lows as second quarter corporate earnings beat expectations (Netflix and SNAP were notable exceptions) and finished the month strongly following far better than feared announcements from Amazon and Apple. Positive trade was helped by the lead from the bond market when the US yield curve began flattening from its recession- predicting inversion to its now modest and more traditional rising trend. This suggests that higher interest rates in the short term may not need to go as high as feared to combat what is increasingly thought to be temporarily high inflation.
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