15th July 2022: Yesterday closed orders given +8.602%; WTI Oil to end the week below 100 USD for the first time in a long time; The fall of the Chinese economy against the backdrop of the growth potential of the US economy; Is it possible that Italy may have a crisis
Yesterday closed orders given +8.602%
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WTI Oil to end the week below 100 USD for the first time in a long time
At the close of a week in which markets have been whipsawed by shifting expectations for monetary tightening, US equity-index futures inched while the dollar’s advance halted. The price of a barrel of West Texas Intermediate crude oil is expected to drop below $100 for the first time since April. Copper prices fell to their lowest level in twenty months as GDP statistics from China fanned concerns about the future demand for commodities. After announcing profits contaminated by concerns about falling demand in China, Richemont saw its share price drop by more than 5 percent. This next Friday will see the expiration of options worth around $1.9 trillion, an event that can increase market volatility.
(Open): At 7:05 a.m. local time in New York, the futures on the S&P 500 share index were trading higher by 0.3 percent, while the euro was trading higher by 0.4 percent at $1.0055 per dollar, and the JPY was trading down by 0.2 percent at 138.72 per dollar. Bond rates fell across Europe, with the yield on 10-year Treasuries dropping three basis points to 2.93 percent.
The fall of the Chinese economy against the backdrop of the growth potential of the US economy
Gongloff: Xi Jinping continues disappearing, the economy is on the verge of collapse, and people are becoming increasingly agitated. It is necessary for the Fed to bring about a recession. Ukraine needs to maintain its position of moral superiority. Imagine a substantial portion of the population suddenly becoming wealthy but saddled with incomplete homes and massive outstanding debts. According to Gongloff, China has an issue with its mortgages.
Local officials in Zhengzhou ordered goons in plainclothes to beat up demonstrators who were unhappy about having their money frozen at a bank that was accused of fraud is not encouraging. The economy is teetering on the edge of a downturn or worse, and it is probable that other protests will follow. However, the leader of China is now not there, and it does not appear that he has any better suggestions. This morning, both JPMorgan Chase and Morgan Stanley revealed results below expectations, bringing back unpleasant memories of the “money on fire” days. However, the banks are in a far better financial position presently, and Paul J. Davies observes that both institutions stated that US consumers and companies are as robust as they have ever been.
Is it possible that Italy may have a crisis?
After Sergio Mattarella, the President of Italy turned down the resignation offer made by Draghi, the Italian Prime Minister will now strive to check the backing of the coalition. When the previous administration failed during the severe recession during the Covid-19 period, Draghi stepped in to lead a technocratic government. Friday was the third consecutive day of losses for Italian bonds, with the yield difference between Italy and Germany extending even more to reach 213 basis points. The President of Italy, Sergio Mattarella, has ordered the Prime Minister to return to Parliament to determine whether he can create a new partnership with his expansive but fractured coalition of parties. Earlier this week, Five Star leader Giuseppe Conte abstained from a vote of confidence, which infuriated Italy’s anti-establishment Five Star Movement (M5S) party and ultimately led to Draghi stepping down from his position as prime minister. It is possible that parties may get together on Monday to discuss the next step, and Draghi is scheduled to speak with parliamentarians early the following week.
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11th August 2022: Yesterday closed orders given +11.887%; S&P 500 achieved a three-month high; JPMorgan found guilty of spoofing; Сonsumer price growth in Ukraine in July amounted to 22.2%
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