Weekly Analyst Update — April 6th

  • Last week’s ISM report came in at 65, its highest level since 1983.
  • Looking into Q2, April is historically a good month for equities, with average S&P returns being favourable, only surpassed by July.
  • In Europe, The PMI for the Euro area stood at 62.5 in March, after 57.9 in February. This is its highest level since June 1997.
Delta has partnered with eToro to allow users to invest via an accredited and bespoke platform.
  • On Friday, the March jobs report was released. The figures massively beat expectations.
  • One other point of interest last week was energy stocks: On Thursday, the SPX500 sector jumped by 2.7%, rescuing it from what would otherwise have been a sharply negative week. Diamondback Energy, Marathon Oil and Devon Energy led the SPX500 on Friday, with gains of 10.5%, 10.4% and 7.6% respectively.
  • Archegos is the heir to Tiger Asia Management, a hedge fund created by Bill Hwang and transformed into a “family office” after being condemned by the SEC in 2012. Very opaque, it managed around $10 billion for the family of its founder before the recent setbacks.
  • Credit Suisse and Nomura recorded significant losses after the massive unwinding of the positions of Archegos Capital, which led to the urgent sale of some $20 billion dollars of shares concentrated in a few stocks, such as ViacomCBS and Discovery.
  • This is the biggest bankruptcy of a hedge fund since that of LTCM in 1998.
  • This drove prices up, with Bitcoin nearing $60,000 and Ethereum coming close to $2,000.
  • USDT also published a report last week, showing that every USDT coin is fully backed by real US dollars.
  • Altcoins were also driven higher by the news, with cryptos such as Tron registering double-digit daily gains on several occasions.
  • FOMC meeting minutes (Wednesday)
  • Fed Chair Powell to participate in a panel discussion a virtual IMF Seminar (Thursday)

Employee at Delta Crypto Portfolio Tracker

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store