<div class="entry-content">Last week saw U.S. property shares outperforming amid a mix of results from various major asset classes. This assessment is based on a collection of exchange-traded funds, concluding on Friday, March 26.
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By James Picerno | <a href="https://www.capitalspectator.com/us-reits-led-major-asset-classes-by-wide-margin-last-week/" title="7:35 am" rel="bookmark"><time class="entry-date" datetime="2021-03-29T07:35:05-04:00">March 29, 2021</time></a> </footer><!-- .entry-meta -->
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<p>* The ship blocking the Suez Canal is <a href="https://www.cnn.com/2021/03/29/africa/suez-canal-refloating-intl-hnk/">partially freed</a><br/>* President Biden will this week <a href="https://www.bloomberg.com/news/articles/2021-03-29/biden-to-reveal-major-spending-plan-with-political-battle-ahead?srnd=economics-vp">unveil</a> a significant infrastructure-spending plan<br/>* An increasing number of companies are <a href="https://www.ft.com/content/f0bbed31-bea8-4542-b953-096762d2e59f">warning</a> about supply chain bottlenecks and rising inflation<br/>* Bond advocates <a href="https://www.wsj.com/articles/bond-bulls-charge-ahead-challenging-consensus-on-rising-yields-11616923802">are questioning</a> the forecast for further interest rate hikes<br/>* Housing inflation is <a href="https://www.wsj.com/articles/house-prices-are-inflating-around-the-world-11616932846?mod=hp_lead_pos10">increasing</a> globally<br/>* Investment banks <a href="https://www.cnbc.com/2021/03/29/credit-suisse-exits-positions-with-hedge-fund-warns-of-losses.html">suffered</a> losses due to a hedge fund default on margin calls last week<br/>* New York City serves as a <a href="https://www.nytimes.com/2021/03/29/nyregion/nyc-office-workers-coronavirus-pandemic.html">forecast</a> for U.S. office spaces more broadly: many employees are not returning<br/>* Cold weather <a href="https://www.reuters.com/article/us-usa-economy/cold-weather-depresses-us-consumer-spending-inflation-muted-idUSKBN2BI1SM">has dampened</a> U.S. consumer spending and income in February<br/>* The U.S. Consumer Sentiment Index <a href="http://www.sca.isr.umich.edu/">has risen</a> to its highest level in a year as of March<br/>* The NY Fed’s <a href="https://www.newyorkfed.org/research/policy/weekly-economic-index#/">Weekly Economic Index</a> was revised to show growth for the first time in over a year:</p>
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By James Picerno | <a href="https://www.capitalspectator.com/macro-briefing-29-march-2021/" title="6:07 am" rel="bookmark"><time class="entry-date" datetime="2021-03-29T06:07:54-04:00">March 29, 2021</time></a> </footer><!-- .entry-meta -->
</div> <div class="entry-content">Global markets displayed a mixed performance last week, resulting in our proprietary strategies remaining largely stable through the week ending March 26. While there is not much to boast about, this stability is certainly an improvement over the sharp declines of the previous week.
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By James Picerno | <a href="https://www.capitalspectator.com/the-etf-portfolio-strategist-28-march-2021/" title="5:52 pm" rel="bookmark"><time class="entry-date" datetime="2021-03-28T17:52:57-04:00">March 28, 2021</time></a> </footer><!-- .entry-meta -->
</div> <div class="entry-content">This issue covers:
- U.S. REITs experienced a surge during a mixed week for global markets
- Portfolio strategy benchmarks have rebounded this week
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By James Picerno | <a href="https://www.capitalspectator.com/the-etf-portfolio-strategist-26-march-2021/" title="7:37 pm" rel="bookmark"><time class="entry-date" datetime="2021-03-26T19:37:02-04:00">March 26, 2021</time></a> </footer><!-- .entry-meta -->
</div> <div class="entry-content">Are you able to identify an oversold or overbought market? Wall Street is constantly engaged in this dilemma, a concern that resonates with traders and even some long-term investors.
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By James Picerno | <a href="https://www.capitalspectator.com/estimating-oversold-overbought-market-conditions/" title="7:26 am" rel="bookmark"><time class="entry-date" datetime="2021-03-26T07:26:35-04:00">March 26, 2021</time></a> </footer><!-- .entry-meta -->
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<p>* President Biden <a href="https://www.cnn.com/2021/03/25/politics/north-korea-joe-biden-warning/index.html">warns</a> of potential ‘responses’ if North Korea's missile tests persist<br/>* Fed Chair Powell states that the economy is <a href="https://www.cnbc.com/2021/03/25/powell-praises-economic-recovery-and-sees-fed-pulling-back-help-after-substantial-progress.html">recovering</a> more quickly than anticipated<br/>* Two notable economists raise concerns <a href="https://www.nytimes.com/2021/03/25/business/economy/larry-summers-federal-reserve.html">about inflation,</a> which the Fed disputes<br/>* China has <a href="https://www.cnbc.com/2021/03/26/china-slaps-new-sanctions-on-uk-entities-over-lies-and-disinformation-on-xinjiang.html">imposed</a> sanctions on the UK over accusations of human rights violations in Xinjiang<br/>* The Suez Canal may be <a href="https://www.reuters.com/article/uk-egypt-suezcanal-ship/suez-canal-suspends-traffic-as-ship-stuck-like-beached-whale-idUSKBN2BH1HH">blocked for several weeks,</a> impacting global trade<br/>* A drop in U.S. consumer spending is <a href="https://www.wsj.com/articles/consumer-spending-personal-income-february-2021-11616710309?mod=hp_lead_pos1">expected</a> in today's report for February<br/>* The CBO has <a href="https://www.bloomberg.com/news/articles/2021-03-26/biden-budgets-challenge-agency-that-kept-predicting-deficit-doom?srnd=economics-vp">overestimated</a> yield increases in previous years. Will it be correct this time?<br/>* U.S. Q4 GDP growth has been <a href="https://www.marketwatch.com/story/u-s-gdp-growth-in-fourth-quarter-raised-slightly-to-4-3-11616677670">slightly revised</a> to 4.3%<br/>* Last week's jobless claims <a href="https://www.nytimes.com/2021/03/25/business/economy/weekly-unemployment-claims.html">dropped</a> to the lowest level since the pandemic began:</p>
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By James Picerno | <a href="https://www.capitalspectator.com/macro-briefing-26-march-2021/" title="5:58 am" rel="bookmark"><time class="entry-date" datetime="2021-03-26T05:58:40-04:00">March 26, 2021</time></a> </footer><!-- .entry-meta -->
</div> <div class="entry-content">This year, bond holdings have generally been a tough pill to swallow, although some niches within fixed-income have managed to avoid the pitfalls, as indicated by a selection of proxy ETFs through March 24.
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By James Picerno | <a href="https://www.capitalspectator.com/widespread-losses-for-bonds-this-year-with-some-exceptions/" title="7:12 am" rel="bookmark"><time class="entry-date" datetime="2021-03-25T07:12:34-04:00">March 25, 2021</time></a> </footer><!-- .entry-meta -->
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<p>* North Korea <a href="https://www.cnn.com/2021/03/24/world/north-korea-missiles-intl/index.html">has launched missiles</a> for the second time in less than a week<br/>* AstraZeneca <a href="https://www.cnbc.com/2021/03/24/covid-vaccine-astrazeneca-issues-updated-phase-3-trial-data.html">reported</a> a lower efficacy rate for its vaccine in recent data<br/>* Keep an eye on signs to <a href="https://www.nytimes.com/2021/03/24/upshot/economy-overheat.html">assess</a> if the U.S. economy is approaching overheating<br/>* The ship continues to <a href="https://www.bloomberg.com/news/articles/2021-03-25/elite-salvagers-set-to-tackle-massive-ship-blocking-suez-canal-kmok2nry?srnd=premium">block</a> the Suez Canal for a third day<br/>* Supply chain disruptions are <a href="https://www.wsj.com/articles/global-factories-pay-higher-prices-as-surge-strains-supplies-11616583929?mod=hp_lead_pos1">expected</a> to worsen shortages and inflate prices<br/>* End-of-quarter rebalancing <a href="https://www.ft.com/content/257839a9-b6b6-4bc4-97d1-e20df87acef2">is under scrutiny</a> following steep declines in bonds<br/>* Is BlackRock too big to fail? Treasury Secretary Yellen <a href="https://www.cnn.com/2021/03/24/investing/elizabeth-warren-janet-yellen-blackrock/index.html">responds</a><br/>* Fidelity Investments is preparing to <a href="https://www.cnbc.com/2021/03/24/fidelity-to-launch-bitcoin-etf-as-investment-giant-builds-its-digital-asset-business-.html">launch a bitcoin ETF</a><br/>* Cold weather reportedly <a href="https://www.cnbc.com/2021/03/24/us-durable-goods-orders-february-2021.html">impacted</a> U.S. durable goods orders in February<br/>* U.S. economic growth remains robust in March, according to <a href="https://www.markiteconomics.com/Public/Home/PressRelease/565cc8b204be4b789af68dbfabf9746b">PMI survey data:</a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/macro-briefing-25-march-2021/" title="5:48 am" rel="bookmark"><time class="entry-date" datetime="2021-03-25T05:48:08-04:00">March 25, 2021</time></a> </footer><!-- .entry-meta -->
</div> <div class="entry-content">This edition highlights:
- Fading momentum in the rebound of emerging market stocks
- Global stocks outside the U.S. seemed poised to outperform American stocks, yet this remains uncertain… once again
- Palladium’s bull market ranks among the most formidable for any asset
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By James Picerno | <a href="https://www.capitalspectator.com/the-etf-portfolio-strategist-24-march-2021/" title="6:18 pm" rel="bookmark"><time class="entry-date" datetime="2021-03-24T18:18:07-04:00">March 24, 2021</time></a> </footer><!-- .entry-meta -->
</div>In summary, last week witnessed significant variability in the global markets, with some areas showing resilience while others struggled. Key insights from various sectors shed light on emerging trends and challenges that could impact future economic conditions.
As the landscape continues to evolve, staying informed will be crucial for making well-founded investment decisions.
