#WTI:
Global oil markets closed up for a fourth straight week in a pre-summer rally based more on demand hype and inflation talk than on consumption. Despite the optimism over global oil demand, U.S. gasoline demand has been questionable since the May 31 Memorial Day that marked the start of the peak summer driving period in the world’s largest oil consuming country. That suggests to some that more time is probably needed for U.S. fuel demand to accelerate. There are also concerns about the economy outside the U.S. and how that could mesh with global oil demand.
Trading recommendation: range 70.10 -72.54.
#SP500:
U.S. equity funds lured capital inflows in the week to Wednesday, after two weeks of outflows, as optimistic investors bet on recovery hopes, ignoring higher inflation levels. U.S. equity value funds attracted $1.7 billion worth of inflows, while growth funds received a net $1.85 billion, after facing outflows for the past two weeks. Among equity sectors, U.S. real estate funds attracted purchases worth a net $528 million, in their third consecutive week of net inflows, bolstered by a surge in housing prices in the United States. This is a positive signal for the growth of the capitalization of the U.S. stock market!
Trading recommendation: Buy 4137 and take profit 4202.
#CAC40:
European Central Bank policymakers meet in a Frankfurt hotel this weekend to kick-start an overarching strategy review that will redefine the bank’s targets and may set new ones in the areas of climate change and employment. The policymakers are likely to set the target inflation at 2%, declare it to be symmetric, and express a tolerance for overshooting after period of undershooting. PEPP is due to expire next March, so by this autumn the ECB needs to discuss whether to win the scheme down and whether to tweak other tools to better suit a post-pandemic world.
Trading recommendation: buy 6489 and take profit 6591.
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