London Open

The broader narrative remains intact with plenty of discussion around peak growth and inflation, as well as policy support, with worries exacerbated by the continuing spike in the Delta variant of covid. Hotter-than-expected consumer and producer price reports this week and continued reports of supply chain challenges have seemingly not dented the market's faith in inflation as a transitory phenomenon. Yields are slightly higher, although the curve is meaningfully flatter on the week, with real rates still near YTD lows, supporting gold. Commodities are mixed with base metals continuing to trade well, while oil remains under pressure on the prospect of OPEC+ supply increases as well worries over demand given the aforementioned However,I  think the producer  compromise limits oil downside & lessen OPEC  tail risks to the outlook from either strategy pivot or coalition breakup, I am still bullish up to Brent USD 80/bbl