– US equities were up on a rebound in big Tech stocks. REITs also had a very strong rebound, climbing more than 4%.
– The momentum trade was back on in the last week of July, as big Tech left all other sectors in the dust, driving the growth factor to outperformance as well.
– Momentum was on for countries last week too, with the year’s best performers all outperforming last week, when the average country declined.
– Q2 GDP released last week showed a year over year decline in real GDP of 9.5%. Meanwhile, the dollar continued its sharp decline.