This seemed to sum up the month rather well…
July high- (and low-) lights
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China CHINEXT down for 4th straight month to lowest since Jan 2015
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Shanghai Composite best month since Jan 2018
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DAX best month since Sept 2017
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Trannies best month since Nov 2016 (US election)
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Dow, S&P’s best month since January 2018
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Small Caps up for 5th month in a row
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Nasdaq up for 4th month in a row
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FANG Stocks worst month since Nov 2016 (US election)
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TWTR worst month…ever
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FB worst month since Aug 2012
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NFLX worst month since Jan 2016
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TSLA worst month since March
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UST Yield Curve flattened for 5th straight month to Aug 2007 flats
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The Dollar Index fell on the month – first drop in 4 months
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Offshore Yuan dumped for 4th straight month to 13-month lows
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Emerging Market FX had first monthly gain since Jan 2018
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Bitcoin’s best month since April
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Gold fell for the 4th month in a row (lowest monthly close since Jan 2017)
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Copper’s worst month since Dec 2016
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WTI Crude’s worst month since July 2016
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China stocks were mixed for the month with CHINEXT (China ‘Nasdaq’) worst…
All major European indices green for July…
All major US equity indices ended July in the green…
On the day we saw stocks soar early on after headlines noted the potential for improved trade talks with China but late on those hopes were dashed as officials saw no progress and stocks dipped for a millisecond…
FAANG stocks were mixed on the month with FB and NFLX crashing…
Semiconductor stocks continue to be a bright spot in an earnings season that has taken its toll on technology investors.
KLA-Tencor Corp. led the group higher Tuesday, climbing as much as 15 percent for the biggest gain in almost three years, after its fourth-quarter results topped the highest expectations. The report echoed a theme of strong demand just days after heavyweights like Advanced Micro Devices Inc. and Xilinx Inc. crushed expectations.
The strength in chip stocks has been magnified as tech investors slammed the sell button for tech darlings in the FANG bloc. The megacap group has stumbled through a rocky earnings season that pushed the FANG Index down 9.3 percent over a three-day slump following Facebook Inc.’s record meltdown. The Philadelphia Semiconductor Index jumped 1.9 percent Thursday, defying the Facebook-led rout, and added another 1.3 percent on Tuesday.
Value stocks outperformed growth for the first month since March
Global bond prices fell on the month thanks to BoJ rumors (but barely bounced back on BoJ non-news)…
Yields were higher across the entire curve in July (spooked by BoJ but not retracing as much overnight on disappointment)…
The Yield curve flattened for the 5th month in a row (and 14th of last 16) to its lowest monthly close since Aug 07…
All eyes were on The BoJ last night – who disappointed – sending the yield curve tumbling back to pre-rumor levels (and for now, bank stocks haven’t caught all the way down)…
The Dollar had its first monthly drop in 4 months..
The Loonie rallied on the day after headlines about being rejected from NAFTA talks spooked the currency overnight…
On the month, the Mexican Peso was the strongest against the dollar, Turkish Lira the weakest…
And the Offshore Yuan plunged for the 4th straight month – its longest losing streak on record…
Notably though, Yuan spiked today after headlines implied some potential progress on the US-China trade waR…
And the Dollar also spiked at the same time…
Emerging Markets FX managed its first monthly gain since January
Despite Dollar weakness, commodities lower across the board in July with Crude down most since July 2016…
Crypto extended their losses today leaving only Bitcoin and Bitcoin Cash green for the month…notice the major divergence between bitcoin and the rest of crypto after the 18th
The divergence has sent the price of Ethereum relative to Bitcoin back to unchanged on the year…
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