Investors' attention is turning to two, major topics today. First, investors are reacting to Biden's decision to drop out of the Democratic Party nomination for President of the United States. Anonymous sources say that all 50 Democratic US state chairmen will now endorse Kamala Harris. At this point, Donald Trump's lead all time remains in the 60% zone. Harris' support, on the other hand, is 40%. Given the structural change in the election, however, it is possible that in the short term the projected one-sidedness of the final election result will weaken somewhat, which could have an impact on sectors/companies that were seen as reacting best to a possible Trump win. Also important in this regard may be a decrease in pressure from the receding concerns about the imposition of tariffs on goods and services from China.
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Open account Try demo Download mobile app Download mobile appCurrent forecasts from bookmakers' bets. Source: Predit It
Second, the People's Bank of China cut interest rates to boost the Chinese economy. This is the first reduction since August 2023. One-year as well as 5-year lending rates were cut by 10 basis points. Moreover, the 7-day repo rate was also cut by 10 bps, as well as the collateral for medium-term borrowing (MLF). In response to these decisions, China's CHN.cash index is trading up as much as 2%.
Source: xStation
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