The Global Economy is still vulnerable to the Corona virus affecting negatively both production and consumption. In the US, stock markets con-tinued their upward trend, supported by the am-ple liquidity provided by the FED. ISM Manufac-turing PMI (54.2) is above 50 showing expansion and not contraction. Retail sales decreased to 1.2% from 1.9%, unemployment dropped to 10.2% (from 11.1%), while interest rates remain almost at zero (0.25%) and inflation (CPI) at 1% from 0.6%. Positive news from the real estate industry once again as new home sales increased by 22.6% and building permits by 1.5mln from 1.25mln.

In Europe, the economy is facing inflationary problems as consumption remains low due to co-rona virus. European leaders reached a decision to inject more money, but fails to be passed in the real economy. Eurozone´s GDP shrank by 12.1% during the 2nd quarter, while inflation in July was under 0% at -0.4% (deflation) from 0.3%. Indus-trial production decreased from 12.3% to 9.1%, retail sales dropped to 5.7% (from 20.3%) and business climate deteriorated by 1.33%.

China is also facing difficulties due to slower in-ternational demand affecting its industries, hence, its industrial production remained un-changed at 4.8%. Exports in July decreased by 7.2% and imports also at -1.4%.

In Greece, Turkish military challenges in the Ae-gean Sea did not affect the stock market, which traded at the same levels without direction reach-ing 20 units above from July. The bond market was also of low interest with the 10-year government bond yield at 1.14% almost identical to the Italian (1.16%).

The EUR/USD continued to head north in favour of the euro, touching almost the levels of 1.20, mainly due to the ample printing and hence supply of the currency.

Our preference remains in favor of the American equities versus the European, where we hold no positions. US equities account for 60% of the total portfolio, of which the technology sector holding 60%. Cash remains crucial as corrections are often buying opportunities.