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Weekly Update 16 Jun 2023

Stocks rose, cryptos pulled back, and other asset classes were mixed. The largest gains were in palladium, up 5.6%, the Euro STOXX index, up 4.1%, and the Nikkei index, up 2.9%. The worst losses were in Ethereum, down 9.2%, the CCi30 crypto index, down 7.4%, and coffee and cotton, down 3.0% each.

The only declining national currency in the table was the Yen, which fell 1.5%. The Russian Ruble (not in table) also declined, falling 1.6%. The Euro was strongest currency, rising 1.6%. US Dollar cash was little changed, while long term bonds gained 0.7% and short term notes fell 0.1%.

Cryptocurrencies continue to be troubled by the SEC suits against Binance and Coinbase, two of the world's largest exchanges. Ethereum fell 9.2% and the broad 30 crypto index fell 7.4%. Bitcoin showed relative strength, declining 0.5%.

Equities were the week's bright spot, all in the green, led by the Euro STOXX, up 4.1% and the Japanese Nikkei, up 2.9%. The S&P 500 rose 2.6%. Gold stocks were the weakest, advancing just 0.1%.

As usual, commodities were some of the week's best and worst performers. Palladium rose 5.6%, copper gained 2.5%, and crude oil added 2.3%. Coffee and cotton fell 3.0% apiece, and platinum declined 1.4%.

Over the last 5 years, all assets are lower except four: Bitcoin is up 163.6%, Ether is up 123.2%, coffee is up 5.3%, and the S&P 500 is up 4.0%. The worst losses are in cotton, down 41.1%, the Chinese Yuan, down 40.2%, and long term bonds, down 38.7%.


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