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Markets rose this week as PMI data continues its streak of expansionary readings. Economic data was still mostly disappointing for the week, with housing indicators and unemployment claims coming in under expectations. COVID-19 cases have been rising nationally again, with most new cases being attributed to the “Delta” variant, but so far deaths have not been spiking, a new development that likely can be attributed to large swaths of the population having been vaccinated. Overall, the economy is well positioned to continue recovering from pandemic lockdowns, but inflation risks as well as labor challenges and production capacity are eating into productivity.
Overseas, developed markets outperformed emerging markets, with developed indices returning positive performance and emerging markets returning negative performance. European indices were positive, while Japanese markets returned negative performance for the week. Improving prospects against the pandemic as well as improved prospects for economic recovery should continue to help lift markets globally over time.
Markets were mostly positive this week as investors continue to assess the state of the global economy. While fears concerning global stability and health appear to be in decline, the recent volatility serves as a great reminder of why it is so important to remain committed to a long-term plan and maintain a well-diversified portfolio. When stocks were struggling to gain traction last month, other asset classes such as gold, REITs, and US Treasury bonds proved to be more stable. Flashy news headlines can make it tempting to make knee-jerk decisions, but sticking to a strategy and maintaining a portfolio consistent with your goals and risk tolerance can lead to smoother returns and a better probability for long-term success.
Chart of the Week
Prices seem to be rising globally, with the Eurozone seeing substantial cost increases for manufacturing. Much of these increases can be attributed to rising prices of inputs such as oil and industrial metals, as supply chains continue to struggle to catch up to global demand.
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