July monthly reports published
Although July turned out to be quite a slow month, maybe because of higher temperatures than normal, economic data continued to be upheated. ISM numbers in the US for both manufacturing and services are now around 60 with low unemployment and inflation at target. In Sweden GDP growth came in surprisingly strong for the second quarter at 3,3% yoy, helped by a weak Swedish Krona, which also has pushed producer prices to an 8,0% yoy increase. With the help of strong macro data the risk sentiment was strong with higher equity markets and generally higher yields.
Excalibur returned 0,18% in July as a result of slightly higher yields internationally, and Trude -0,11% where higher yields contributed positively while tighter credit spreads had a negative impact.
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