July 2021 Commentary: Crypto, Corporate Earnings and Covid

Summary

• During July, fears of impending inflation declined, sparking a positive response in yield-sensitive assets and mixed results in other markets.
• A regulatory crackdown in China, combined with lower energy prices, hurt emerging market stocks, which severely lagged behind other equity markets.
• Digital assets stopped their three-month slide and won big during the month due to a plethora of positive developments, including speculation over a single job posting from e-commerce giant Amazon.
• Corporate earnings announcements were overwhelmingly positive and are on pace for their largest year-over-year growth since Q4 2009.

Read and download the commentary here.