July was not shy on news. The US economy grew above its pre-pandemic level while the COVID Delta variant is disrupting the economic reopening. Tensions arose between the two largest economies as the US added to the blacklist of Chinese companies barred from investment and warned on doing business in Hong Kong. Meanwhile, China reaffirmed control over foreign-listed companies. Despite the risks, equities remain attractive, anchored with shorter duration bonds; alternative credit offers attractive yields and diversification.