We incorporate the ETN Ipath Bloomberg Copper (JJC) in our Watchlist, as it presents technically speaking an attractive configuration, which also seems to be justified by structural factors. JJC incurs a fee of 0.75%, with a liquidity of $ 56m. The index replicates futures contracts on copper (traded on COMEX).

We integrate the ETF SPDR Metals & Mining (XME), which is technically attractive, but also fundamentally, which is  due to the anticipated return of inflation on the world stage and better quality growth in China. XME expenses are 0.35%, with a liquidity of $ 543m.

Our Robot Allocator increased the Commodities share in the Global Macro Portfolio, and selected WEAT (Teucrium Wheat Fund).

WEAT, weekly data :

 

We integrate The ETF iShares FXI (China Large Cap), which tracks the performance of an index composed of large-capitalization Chinese equities that trade on the Hong Kong Stock Exchange. 

• China's manufacturing activity grew faster than expected in June 2017. According to China's National Bureau of Statistics (NBS), the manufacturing Purchasing Managers Index (PMI) increased to 51.7 in June compared with 51.2 in May and above market estimates of 51.

We decided to exit the ETF Lyxor MAL (Malaysia) from the Euro Active portfolio, while the upward trend of the index is reversing, particularly in light of the weakness of certain commodities, primarily oil. We are adopting a more cautious approach because of the ongoing correction in the markets and replace this line with a cash position.

We integrate into our Watchlist the ETF Lyxor DSB (Double Short Bund index listed in euro) whose objective is to provide the daily inverse x2 performance of a German government 10 years bonds portfolio. Expenses related to the ETF are rather low at around 0.2%.

Our Robot Allocator increased the Commodities share in the Global Macro Portfolio, and selected JJC (iPath Bloomberg Copper Subindex Total Return). It also proceeded to an arbitrage within the equity allocation, selling TEL (Telecom Europe) and buying XBI (US Biotech).

XBI, weekly charts :

 

We decided to exit the ETF Lyxor TEL (Telecom Europe) from the Euro Active Portfolio, while the upward trend of the Index is invalidated and the relative performance versus the stoxx600 is deteriorating rapidly. The theme of the change in monetary policy by the ECB and the prospect of higher yields harms this sector that uses leverage while Telecoms are considered to be value stocks.

We integrate the ETF Proshares NOBL (listed in dollar) which tracks the performance of the S&P500 Dividend Aristocrats index, composed of S&P500 companies that have increased or maintained their Dividend over a period of at least 25 years.

• We believe NOBL looks attractive in the current context as it is expected to prove more resilient on periods of turbulence, while many sectors are now under pressure.

We integrate the ETF Amundi AHYE (high yield bonds) that allows an exposure to the 30 most liquid non-financial stocks with an average rating (sub-investment grade), on the corporate bond market  in a single transaction. These 30 Stocks are mainly European (c.