In Review – Week 26, 2021 | Determined investments

Global new Covid cases remained sub-3mn but the spread of Delta variant led to a jump, notably in UK. Global vaccinations grossed 3bn doses – some way to go (14+bn first round) but good to see India/ Japan join the effort (materially). UK under the Covid threat despite high vaccination level, is worrying. Key financial market trends for last week. (1) Govt interest rates in India remain mixed – yet look at ytd/ yoy data and trend (rising) is clear. (2) Corporate/ Credit spreads have declined moderately in June21, basis our analysis. (3) US/ EU interest rates declined this past week. (4) Gold, the risk off among commodities, continued rebuilding from the sharp sell-off. (5) India equity market volatility declined to below-normal (<15) levels. (6) The Indian equity/ share markets recorded moderate losses during the week. (7) The US markets had a stellar week but EU refused to join, led by concerns on the Delta variant. (8) Energy markets were robust again with NatGas hitting new highs. (9) The USDollar Index strength persisted; the Rupee was somewhat mixed.