• Offices are lonely: Although the economy is reopening, less than 30% of white collar employees in 10 major US cities are working in their office according to a Kastle Systems publication based on 2,500 office buildings. In New York and San Francisco, even fewer employees have returned - 21%. Many employers have indicated that they expect employees to be back into the office at least part of the week this fall once schools reopen, summer vacation ends, and vaccination levels are higher.  
• Gotta love ETFs: This year for the first time ever more actively managed ETFs (115) were launched compared to passive ETFs (51). While active ETFs still only compose 3.4% of the overall market, they are growing their market share. Some asset managers view ETFs as an easier alternative to launching a hedge fund. Additionally, they can gain more access to the retail investor market, which has grown substantially over the past year and now accounts for 20% of equity trades.
• Grandma's copper kettle? Copper prices have fallen around 8% from the high point reached last month, in direct response to China’s public announcement it would crack down on speculation and hoarding in certain commodities. In reality, China may not be able to contain the upward movement of copper’s price for long. Clean energy and clean transportation are incredibly dependent on copper so if the “clean energy” goals of various governments around the world (including China) are met, than copper will remain in high demand. As it takes around a decade to build a new copper mine, the demand for the metal will continue to outweigh supply and no immediate fix will be available.
• African Euro? Representatives from fifteen West African countries met in Ghana over the weekend and adopted a road map to establish a single currency by 2027. The countries believe that the single currency will allow them to increase trade and economic growth, though some worry that the same issues that plague the EU and the Euro could derail the effort. Currently, Nigeria has a managed float for its currency while several other countries in the group use the CFA (Financial Community of Africa) franc, a currency guaranteed by the French Treasury.