The rotation in equity markets continue. Geographically, from U.S. into Europe and Emerging Markets. In terms of style, Russell 2000 Value is outperforming its Growth peer YTD, even though both are in negative territory. And in terms of sectors, the best performing one YTD is…Energy. Technology is sitting near the bottom of the table, while Energy is finding new reasons to go higher as the U.S. imposes more sanctions to a Chinese refiner importing oil from Iran. The Energy sector is up for the year 8%ish while the S&P500 is down 4%. This might have implications for inflation, since so far this year, the CPI has not suffered from increased pressure from gasoline, but if oil continues to ramp up, eventually it will show up on the inflation reports.
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