The market takes breath after the long rally. What opportunities do traders have today?
China considers domestic manufacturing push
China's intention to step up its domestic manufacturing industry has been misunderstood by foreign companies as a move to favor Chinese companies over foreign competition, as a government official informed on Wednesday.
The vice minister of the Ministry of Industry and Information Technology, Xin Guobin repeated the authorities’ stance on foreign participation in its "Made in China 2025" initiative at a briefing with journalists in Beijing.
Meanwhile, foreign business groups have become more vociferous in criticizing Beijing's dissatisfactory market reforms, and they’re afraid that the plan will make members give up major technology for the purpose of accessing the market or bypassing them altogether.
Xin told that in China all companies, whether local or foreign-funded, are bound to get the same treatment under the 'China 2025' initiative.
Nevertheless, Beijing's plan suggests a drastic soar in domestically-made products in up to 10 sectors - from biopharmaceuticals to robotics - that the authorities hope will spur an industrial upgrade amid slowing economic growth.
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.