This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
Asian markets head south
On Thursday, Asian markets inched down in Asia because American leader told before crucial trade negotiations tomorrow that China dared to have the deal broken.
As a matter of fact, China’s Shanghai Composite along with the Shenzhen Component slumped by respectively 1.1% and 0.7%. Moreover, the Hang Seng Index decreased by 1.6% in Hong Kong.
Despite being not a key directional driver, this morning data revealed that in April China’s consumer price index went up by 2.5% 2018, which is in line with hopes, although a bit higher than March’ 2.3% year-on-year.
In fact, a leap in pork prices year-on-year made a contribution to higher food prices, as the National Bureau of Statistics uncovered.
Besides this, Japan’s Nikkei 225 headed south by nearly 1.2%. In South Korea, the KOSPI index went down by 1.2%.
As for Australia’s ASX 200, it rallied by about 0.3%.
Trade-related news is anticipated to dominate headlines for the rest of the week due to the fact financial markets wait for the result of the much anticipated talks on Friday.
Donald Trump has recently told that China has spoilt the deal in the everlasting US-China trade negotiations.
The talks with China were moving extremely slowly due to the fact the Chinese cabinet made an attempt to re-negotiate. It actually contradicted to the previous week’s achievement when the two trading partners were getting closer to a compromise already on Friday.
American leader added that his country won’t back down until the leading Asian country ceases cheating their employees stealing their jobs.
In return, China told that it’s going to adequately respond if America follows through with its threat to have levies raised on $200 billion of China’s goods.
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What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!