The market takes breath after the long rally. What opportunities do traders have today?
China is on the verge of extending transition phase for cross-border retail
China is geared up towards delaying enforcing tougher rules on the country's rapidly growing cross-border retail market until the end of next year. Undoubtedly, it’s going to be a boost for global companies, which have been tapping the round-about route into the second economy of the world.
Cross border-retail sales, or in other words, goods either shipped to shoppers in the Asian country from overseas or delivered from bonded warehouses of free-trade zones within the country, are believed to reach 758 billion Yuan, as data from McKinsey & Co and iResearch states.
Planned fresh rules will drastically lift taxes as well as regulations on goods sold via cross-border channels, although the Chinese government is going to extend a transition phase for implementation by one year, as China's ruling State Council told on Wednesday. The given move will provide retailers with more time to prepare and adapt.
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.