The month of July began with increasing concerns about the expansion of the Delta variant of COVID-19. At the beginning of the month, the OPEC + meeting also stands out, which resulted in an increase in production by an additional 400,000 barrels per day each month. In order to have recovered the 5.8 million barrels per day by September 2022.
The month continued with the publication of certain macro data such as inflation in the United States, which was + 5.4%, worse than expected. It should be noted that this data is distorted by the item of used cars that represents 1/3 of the rise. The market took this data as confirmation that inflation is temporary. Macro data also in China, very close to the forecasts.
The results campaign in American companies has gone quite well, most of them have exceeded expectations.
Regarding the COVID-19 vaccine, Spain has reached 50% of the population vaccinated with the complete schedule this July. The government’s forecast was to have 70% of the population fully immunized by the end of August.
In July, the ECB also meets to confirm the forecast, without changes in monetary policy and the continuation of purchases.
The FED also met the last week of July and admitted higher than expected growth, but postponed tapering.

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