Stocks suffer slightly in choppy
week of trading

Stocks suffered last week as the overall market fell in a week of choppy trading. US markets started the week on a

pessimistic note, as it emerged over last weekend that key democrats would not support the full extent of
President Biden’s infrastructure package. There was better news on the inflation front, as the latest US CPI release

on Tuesday showed prices were up just 0.1% versus an expectation of 0.3%. Whilst one data point does not
signal a trend, it was certainly evidence for those supporting the thesis that inflation remains transitory; and is largely a consequence of pandemic stimulus and the subsequent rebound. August’s retail sales number was a
positive for markets as e-commerce and back to school shopping led the gauge to rise 0.7%.

The ECB’s Chief Economist Philip Lane raised some eyebrows in Europe as the Financial Times reported that he has privately stated that he expects the ECB’s 2% inflation target to be met by 2025, which would potentially see higher interest rates sooner than current market estimates. Inflation was the theme in the UK also, as it jumped to 3.2% in

August, the highest level in nine years. Interestingly, this now compels the Bank Of England Governor, Andrew Bailey, to write to the Chancellor of the Exchequer to outline plans on how the bank will bring it back down towards target levels. In Asia, campaigning has continued in the race to become the leader of Japan’s ruling Liberal Democratic Party, which will lead the winner to become the next Prime Minister. Chinese stocks fell as economic data disappointed for August. The growing crisis at property developerEvergrande also cast a shadow on the domestic market.


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