Weekly Update 12 May 2017
Stocks, commodities and currencies were mixed, while bonds were lower this week. The biggest gains were once again in Bitcoin, which rose 10.6% to close at 42.4 grams. The largest drop was in the Euro STOXX, which fell 1.9%, giving back much of the prior week's gains. Crude oil also reversed course, rising 3.2%, and recouping most of the prior week's losses.
The Japanese Yen continues to be the weakest of the currencies, declining 1.3%. The strongest national currency was the Chinese Yuan, which rose just 0.1%. Bitcoin was the strongest of all currencies, and the strongest asset class overall, rising 10.6%. Bitcoin made a new all-time high every day this week until Thursday, when it peaked at 46.0 grams before falling sharply to close at 42.4 grams on Friday.
Bonds were lower, but favored the longer maturities, with the long term TLT and short term SHY down 0.2% while USD cash fell 0.3%.
The gold stocks rose more than any other equities, gaining 5.7%. The Japanese Nikkei index rose 2.8%, the strongest showing of any major index, while the Euro STOXX fell 1.9%. The Dow Jones Industrials lost 0.8%.
The weakest commodities were coffee and palladium, which dropped 0.8% and 0.4% respectively. The biggest commodity gains were in crude oil, which rose 3.2%, and platinum, which rose 1.2%. Silver ended the week down 0.1%.