The Core Consumer Price Index (CPI) in the US had reached a rate of 3,8%, its highest increase since 1992. The Fed has succeeded in convincing markets that high inflation may only be transitory while the growth outlook for this year remains strong. 10-year US treasury rates have decreased by 15 bps to only 1.46%. In this environment growth stocks were the preferred choice of investors. In the energy sector supply deficits have pushed the price of Brent Oil up to $ 75,13 per barrel. Within transportation Capesize-Rates have been hovering around $32k/day. LNGC spot freight rates have further firmed up to $66k/day. The SCFI Containerized Index has increased by another 8%. Oil and gas stocks have contributed positively. The dry bulk and container segment continued to be strong whereas the Delta-COVID variant and travel restriction concerns have weighed on the aviation sector. Individual short and index future short positions have in aggregate contributed slightly negatively.
For more information you can find our latest Fact Sheet – June 2021.
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