---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42825105.md"
description: "The US Dollar Index hit its highest level since February, VIX closed at 18.8, and oil prices surged nearly two points in a single day—a recipe of shrinking risk appetite and resilient inflation is driving capital toward "certainty."Today, the defensive sector absorbed this inflow: $DATANG POWER(00991.HK) and $CGN POWER(01816.HK) both rose by around five percent, while $CTIHK(06055.HK) gained four to five percent; assets with thick dividends and stable cash flows were collectively repriced higher. Conversely, $ExxonMobil(XOM.US) remained flat, as major US oil and gas stocks have already priced in one round of geopolitical premiums.This can be interpreted as the start of a stagflation trade, or simply defensive catch-up gains within broader market rotation. The way to distinguish is not complicated: watch whether the next CPI data and oil prices can continue moving in the same direction. If they do, it's the former."
datetime: "2026-07-21T10:21:36.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42825105.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42825105.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42825105.md)
author: "[日富一日](https://longbridge.com/en/profiles/27514703.md)"
---

# The US Dollar Index hit its highest level since Fe…


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