The Era of Good News is Bad News Continues
10 July 2023
A tricky week, with strong US jobs data pushing up US treasury yield expectations, and bringing equities down in tandem.
We continue to be in this peculiar period where markets are desperate for bad economic data for Central Banks to consider easing financial conditions. Miss the time when good news actually meant good news!
When it comes to performance, I’d say despite being down -2.9% for the week, I am broadly encouraged. The portfolio has beaten the FTSE 100 again on a down week, despite the higher portfolio concentration and beta.
Sylvania Platinum is the big disappointment this week. The price has cratered. There’s no specific company news, so potentially with the market sell off, given the stock had been weak (why I bought in the first place!), some market players have hit stop losses or felt it a position worth reducing. If anyone has any colour here, would appreciate!