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Global markets struggle for direction, dollar licks wounds

Global markets struggle for direction, dollar licks wounds

July 15, 2021 05:22
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    Risk demand reemerges cautiously, but caution remains in place

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    Investor sentiment improves, but gains limited

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Home » Global markets struggle for direction, dollar licks wounds

Global markets struggle for direction, dollar licks wounds

by Stephen Soo
July 15, 2021 05:22
in Fundamental analysis
0
Global markets struggle for direction, dollar licks wounds

China reported its economy expanded at a 7.9% annual rate in the last quarter

Wall Street stocks were little changed overnight. Powell said that the central bank would not be altering its easy monetary policy for some time. He also noted that that inflation will likely remain elevated, but eventually moderate, reinforcing the central bank’s position that rising inflation is a temporary impact from the recovering economy. On the data front, US producer prices surged in June to the largest annual gain in more than 10-1/2 years. The S&P 500 eked out a 0.1% gain, the Nasdaq composite slipped 0.2%, and the Dow Jones Industrial Average added just 0.1%.

Today in Asia, equities were mixed, taking their cue from a wobbly day of trading on Wall Street. China reported its economy expanded at a 7.9% annual rate in the last quarter, down from 18.3% in January-March. In June, industrial output rose 8.3 percent and retail sales grew 12.1 percent, both edging down from the month before. Japan’s benchmark Nikkei 225 slipped 1.15%. Australia’s S&P/ASX 200 dipped 0.26% while South Korea’s Kospi added 0.62%. Hong Kong’s Hang Seng added 1.08%, while the Shanghai Composite inched up 1.01%.

European stocks mostly fell on Thursday while U.S. equity futures were mixed as investors digested dovish comments from Federal Reserve Chairman Jerome Powell. Elsewhere, the European Central Bank Governing Council member Francois Villeroy warned earlier today that the biggest threat to recovery for companies is labor shortages. The Stoxx Europe 600 index fell 0.3% in early trade.

Meanwhile, the dollar stays under pressure following a dovish message from Powell. EURUSD managed to get back above 1.1800 and was last seen challenging the 1.1850 area. A decisive break above this area would pave the way towards the 20-DMA, today at 1.1870.

Tags: DOW JONESEURUSDFederal ReserveHang SengJerome PowellNasdaqNikkeiS&P 500Stoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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