This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
Asian stocks stand still as traders weigh American recession risk
On Wednesday, Asian stocks were generally intact because traders tried to come to terms with a steep shift in American bond markets as well as the implications for the world's number one economy.
London's FTSE Frankfurt's DAX and France’s CAC are expected to head north 0.2%- 0.4% when they start.
MSCI's index of Asia-Pacific stocks surged by 0.1%, Japan's Nikkei average headed south by 0.2%.
As for Chinese stocks, they managed to outperform their Asian rivals on hopes that the Chinese cabinet would come up with more measures to back surge after data revealed industrial profits dived the most since late 2011.
The Chinese benchmark Shanghai Composite rallied by 0.5%, while the blue-chip CSI 300 tacked on by 0.8%. Moreover, the Hang Seng inched up by 0.6% in Hong Kong.
On Tuesday, Wall Street's key indexes demonstrated firm revenue, although concluded below their session maximums reacting to the underlying fears about the economic outlook.
Aside from that, the S&P 500 tacked on by 0.72%, while the Nasdaq Composite managed to inch up by 0.71%.
The 10-year U.S. Treasuries gain went up to 2.432% from Monday's 15-month minimum of 2.377%, although the yield curve was still inverted, with three-month bills reporting 2.461%, which is more than 10-year bonds.
The inversion puzzled many traders as this phenomenon has preceded every American downtime for the last 50 years, provoking a drastic selloff in stock markets worldwide late the previous week as well as a stampede into longer-dated American government debt.
In February, home building decreased more than anticipated because construction of single-family houses went down to an almost two-year minimum, while the consumer confidence index by the Conference Board suddenly inched down.
The evergreen buck rebounded to 110.61, from Monday's 1-1/2-month minimum of 109.70.
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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!