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Monthly Pulse, 31. July 2020

Review and Economic Outlook

Dejan Ristic, Asset Management
Clarus Capital, 31. July 2020

Review and Economic Outlook

While Europe seems to have taken the COVID19 situation mostly under control – however fragile it might look - the number of newly registered infections in the world keeps growing massively. Adding fuel to the uncertainty fire, the US-China relationship hit a new, but likely not final, low after a bilateral closure of consulates. Still, markets continue to largely ignore the bad news, as seen in the monthly picture. Most major stock indexes rose in July as though nothing extraordinary had been happening, and CFTC S&P500 speculative net positions, while still negative, were slightly higher in the end of July, than in the end of June, and nowhere near the lowest levels observed throughout the pandemic, which reflects a slight improvement in the overall negative US market sentiment. The markets are on the stimulus needle, and this is unlikely to change any time soon.

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Clarus Capital Group AG

Independent Wealth Manager and Multi-Family Office