Weekly Update 29 Apr 2022
Bonds rose, stocks and cryptocurrencies fell, and other asset classes were mixed. The largest gains were in cotton, up 11.0%, and crude oil, up 4.2%. The worst losses were in the CCi30 crypto index, down 7.0%, and gold mining stocks, down 4.4%.
The biggest currency anomaly this week was the Russian Ruble (not in table) which roared higher, gaining 11.0% on top of a 7.7% gain in the prior week. The RUB (230 micrograms) is now at its highest level since 11 Jan 2022, higher than it was before the invasion of the Ukraine began. The US Dollar topped our table of national currencies, rising 1.6%, followed by the Canadian Dollar, which gained 1.1%. The Euro was weakest, falling 0.5%. Bonds had a good week, with short term notes matching USD cash by moving 1.6% higher, though long term bonds underperformed, adding only 1.1%.
Bitcoin started the week strong, rising to a high of 664.1 grams on Monday, but faded to finish the week at 628.3 grams, down 1.3% (for reference, this is roughly in line with US stocks; falling more than the Dow, but less than the S&P 500). Altcoins generally underperformed; the CCi30 index fell 7.0%. There were bright spots, however. Equilibria (XEQ, not in table) is a privacy-oriented oracle, used to feed off-chain and cross chain data to smart contracts. XEQ is on a tear, rising 78% from 5.1 mg to 9.1 mg this week.
Every stock index in our table moved lower, led by gold mining stocks, down 4.4%, and the Euro STOXX, down 2.5%. The Japanese Nikkei was the best performer, sliding just 0.2%. The S&P 500 closed down 1.7%, while the Dow did a bit better, closing off 0.9%.
Commodities were mixed, but the sector had the largest gains of any assets this week: cotton rose 11.0%, and crude oil gained 4.2%. The metals were mixed, with copper down 2.7% and silver off 2.2%, but platinum up 0.7%.
Year over year, commodities are mixed, but all other asset classes are in the red. The assets in the green were: cotton, up 62.3%, crude oil, up 48.5%, and coffee, up 43.5%. Ethereum was the next best, giving up 4.9%, and outperforming even the US Dollar, which was off 7.8%. But the other cryptos topped the loser list, as the CCi30 index fell 51.3% and Bitcoin dropped 33.5%. Other large declines were in the precious metals, as platinum fell 29.3% and palladium dropped 28.1%, and in non-US stocks, as the Nikkei retreated 28.3% and the Euro STOXX closed down 26.0%.
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