Inflation Provides Big Tailwinds for Commodities
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Coming into the month of June, the noise level about runaway commodity prices was at a pretty high decibel reading.
Just about every hard and soft class of commodities was trading firmly higher due to the global reopening of several major economies, compounded by wide-ranging logistical bottlenecks and outright shortages.
This set of conditions lit up the inflation data that triggered the massive sector rotation into value and deep cyclical stocks, calling into question the Fed’s transitory inflation narrative. This past month saw most commodity prices pull back off their highs in a well-deserved round of consolidation, with the exception of a few very notable asset classes namely crude oil, natural gas, cattle, coffee, sugar, cotton, fertilizer, iron ore and hot-rolled steel which are all trading at or close to their 2021 highs.
Shares of PG&E Corporation (NYSE: PCG) rose as much as 3.11% on Monday after the California utility company disclosed plans to sell its San Francisco headquarters to Hines Atlas US LP for $800 million and return up to $420 million back to its customers.
What Happened: The sale is part of the. Read More.
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Wall Street pundits struggle to explain stocks stumble
Vildana Hajric and Claire Ballentine
Apr 21, 2021 – 6.32am
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Up four weeks and six of the last seven, US stocks are doing something they haven’t done since March: fall on consecutive days. For the first time in a long time, Wall Street pundits found themselves on Tuesday (Wednesday AEST) trying to explain a weak market.
COVID-19 cases are surging around the world. Anxiety is swirling that new lockdowns could be afoot. Tension is rising between the US and Russia. Already stretched technical indicators are finally giving way.
Chris Grisanti, chief equity strategist at MAI Capital Management: “I would use this [opportunity] to buy those reopening stocks you missed the first time.”