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D-PIMS Weekly Market Update - Week of 9th to 15th August 2021

Today’s Monday Update:

Over the course of the last week, headlines were mostly Coronavirus and economy related:

• Democrats in the U.S. Senate on Monday released some details of the $3.5 trillion bill addressing social spending and immigration that they aim to push through after passing the bipartisan $1 trillion infrastructure bill. The first details of the larger bill - a key goal for progressive Democrats - showed that it would provide tax incentives for "clean" manufacturing, make community college free for two years and provide a pathway to citizenship for millions of immigrant workers.

• The $1 trillion infrastructure package that is a top priority for U.S. President Joe Biden secured enough votes to pass in the Senate on Tuesday, a bipartisan victory for the White House as it aims to provide the nation's biggest investment in decades in roads, bridges, airports and waterways. Polls show that the drive to upgrade America's infrastructure, hammered out by a bipartisan group of senators over months of negotiations, is broadly popular with the public.

• U.S. consumer prices increases slowed in July even as they remained at a 13-year high on an annual basis and there were tentative signs inflation has peaked as supply-chain disruptions caused by the pandemic work their way through the economy. The data could provide some support to Fed officials who have repeatedly said that the current burst in inflation is temporary and likely to fade as the handful of categories that have caused inflation to surge in recent months get back on an even keel. The consumer price index increased 0.5% last month after climbing 0.9% in June, the Labour Department said on Wednesday. In the 12 months through July, the CPI advanced 5.4%. The drop in the month-to-month inflation rate was the largest in 15 months.

• Britain's economy grew by a faster-than-expected 1.0% in June, the first full month of indoor service for many hospitality firms, and also helped by the healthcare sector due to a rise in routine medical checkups after the pandemic. The month-on-month growth for the overall economy in June was stronger than an increase of 0.8% expected in a Reuters poll of economists. Compared with the first quarter of this year, when much of Britain's economy was in the grip of a third lockdown, economic output was up by 4.8%, the ONS said. The International Monetary Fund expects Britain's economy to grow by 7% in 2021, the same as the United States, as it bounces back from last year's slump. Separate trade data from the ONS showed British exports to the European Union in May and June exceeded their levels immediately before Britain left the EU's single market at the start of this year, excluding volatile trade in precious metals.

The U.S. Department of Health and Human Services (HHS) has mandated its health care workforce to get vaccinated against COVID-19, Health Secretary Xavier Becerra announced on Thursday. Those affected include over 25,000 employees, contractors, trainees, and volunteers whose duties put them in contact or potential contact with patients at an HHS medical or clinical research facility.

• Over the week, the main Global Stockmarkets were positive, led by UK markets. All of the investment D-PIMS Portfolios were up, especially the higher risk Portfolios. They were helped by their domestic UK allocations.


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The comments made above represent our interpretation of events and market views and are in no way a guarantee of future investment performance.