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1. International precious metals futures generally closed higher. COMEX gold futures rose 1.30% to $4135.50 per ounce, and COMEX silver futures rose 1.54% to $61.44 per ounce. Cooling expectations of a Fed rate hike, coupled with weak non-farm payroll data, continued gold purchases by global central banks, and a correction in A-shares boosting safe-haven demand, all contributed to the rise in precious metal prices. 2. The WTI crude oil futures contract closed down 0.17% at $68.46 per barrel; the Brent crude oil futures contract fell 0.01% to $71.56 per barrel. Easing geopolitical tensions in the Middle East led to a significant rebound in oil shipments through the Strait of Hormuz, increasing market supply expectations, and prompting several institutions to lower their oil price forecasts. 3. Most London base metals fell. LME aluminum rose 0.23% to $3083.0/ton, LME lead rose 0.16% to $1868.5/ton, LME copper fell 0.10% to $13285.5/ton, LME nickel fell 0.37% to $16295.0/ton, LME zinc fell 0.76% to $3472.5/ton, and LME tin fell 1.50% to $50855.0/ton. 4. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 1.14% to 52900.07 points, setting a new record high; the S&P 500 was flat at 7483.24 points; and the Nasdaq Composite fell 0.8% to 25832.67 points. Apple rose nearly 5%, and McDonalds rose more than 4%, leading the Dow Jones gains. The Philadelphia Semiconductor Index fell 5.44%, SanDisk dropped over 14%, and Micron Technology fell over 5%. The Wind US Tech Big Seven Index fell 0.11%, Tesla fell over 7%, and Facebook fell nearly 5%. SpaceX rose nearly 3%. The Nasdaq China Golden Dragon Index fell 1.77%, 21Vianet fell over 10%, and BaWangChaJi fell over 8%. European stock markets closed higher across the board: the German DAX rose 2.16% to 25,580.88 points; the French CAC40 rose 1.65% to 8,474.86 points; and the UK FTSE 100 rose 1.67% to 10,652.87 points. Stronger European stocks were driven by significantly weaker-than-expected US June non-farm payroll data, which led to a reduction in market bets on a Fed rate hike. A comprehensive reform package reached by the German ruling coalition boosted confidence.July 3 – On July 2, 2026, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Danish Foreign Minister Rasmussen in Copenhagen. Wang Yi stated that current bilateral relations are maintaining healthy and stable development. China is Denmarks largest trading partner in Asia, and bilateral economic and trade cooperation has yielded fruitful results over the years. China is willing to further expand trade and investment cooperation with Denmark, launch negotiations on a new version of the Green Joint Working Program, and, guided by green cooperation, deepen cooperation in scientific research and innovation, green shipping, and healthcare, while expanding exchanges in education, culture, tourism, youth, and sports, thereby enhancing mutual understanding and friendship between the two peoples and adding new contemporary significance to the China-Denmark comprehensive strategic partnership. Rasmussen stated that Denmark looks forward to maintaining exchanges at all levels with China, continuing open and candid dialogue, exploring the formulation of a new version of the Green Joint Working Program, and promoting exchanges and cooperation in trade, culture, health, education, and other fields.July 3rd - According to CNBC, US President Trump stated on Thursday that AI investment is "larger" than the internet construction of the late 1990s, and total capital expenditure matches this assertion. Goldman Sachs estimated in 2025 that AI capital expenditure would need to reach $700 billion by 2026 to match the peak spending levels of the telecommunications construction boom in the late 1990s. The investment bank predicted in May that AI capital expenditure would reach $765 billion this year and is expected to grow to $1.6 trillion annually by 2031. Regarding chips, Trump stated that he predicts 40% to 60% of chip manufacturing will be located in the United States by the time he leaves office.US President Trump: Micron Technology (MU.O) is a "hot company" run by a "great person".US President Trump: I think Musk will donate SpaceX (SPCX.O) stock to the "Trump account".

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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