Gaetano Bonfiglio @GaetanoBonfiglio: "𝐖𝐄𝐄𝐊𝐋𝐘 𝐑𝐄𝐂𝐀𝐏 Welcome to our usual..."

Italy

𝐖𝐄𝐄𝐊𝐋𝐘 𝐑𝐄𝐂𝐀𝐏 Welcome to our usual weekly update, dear followers and copiers. The week just ended showed mixed macroeconomic signals, leading to moderate volatility but outlining a clear picture of slowing global inflation. Equity markets reacted asymmetrically to US and European data releases, while commodities and bonds sought stabilization ahead of central bank moves, keeping institutional investors in a watchful posture. 𝐌𝐚𝐢𝐧 𝐌𝐚𝐜𝐫𝐨𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐄𝐯𝐞𝐧𝐭𝐬 In the US, June consumer price index (CPI) data surprised positively, registering a monthly drop of -0.4% and an annual figure at 3.5%, below expectations of 3.8%. The producer price index (PPI) also fell to -0.3%, confirming easing cost pressures. However, core retail sales contracted by -0.2%, highlighting an initial slowdown in consumption, only partially offset by a strong Philly Fed manufacturing index at 41.4. In Europe, Italian inflation remained stable at 3.0% annually, while the UK monthly GDP scored a modest +0.1%. In China, Q2 annual GDP growth came in at 4.3%, below the 4.5% estimates, temporarily dampening optimism in emerging markets. 𝐈𝐌𝐏𝐀𝐂𝐓 𝐎𝐍 𝐎𝐔𝐑 𝐏𝐎𝐑𝐓𝐅𝐎𝐋𝐈𝐎 Our balanced and rotational portfolio absorbed these events, reflecting our strategic diversification. On one hand, we benefited from the positive performance of assets linked to Asian markets, such as the $EWT (iShares MSCI Taiwan ETF) +6.84% and $CRWD (Crowdstrike Holdings) +3,96%, alongside solid gains in $ROKU (Roku Inc) +2.53% and the $FLXI.L (Franklin FTSE India UCITS ETF) +2.31%. On the other hand, the generalized correction in the tech sector and cryptocurrencies temporarily weighed on historical positions like $BTC -19.99% and $MRVL (Marvell Technology Group Ltd) -32.21%. This two-sided trend demonstrates the importance of risk distribution: the stability of our defensive and bond assets serves precisely to mitigate the volatility of more aggressive sectors, ensuring a methodical resilience over the medium-to-long term. I will continue to monitor the macroeconomic context before evaluating any gradual adjustments. Best, Gae (@GaetanoBonfiglio)

Not investment advice. The author may have financial interests in the mentioned instruments.