- Sentiment in the European market deteriorated during Tuesday's session. Germany's DAX lost 0.35% today, France's CAC40 lost 0.69%, and Britain's FTSE100 was down 0.22%.
- On Wall Street, increases are currently prevailing. Their distribution, however, heavily favours smaller capitalization companies affiliated by the Russell 2000 index, which added 2.9%. At the same time, the S&P500 index adds 0.28%, while the technology Nasdaq loses 0.25%.
- From overseas today came another set of bank results. This time, 2Q24 results were shown by Bank of America and Morgan Stanley, among others. The results confirm the ongoing trend of strong revenue strengthening among the largest banks thanks to the growing investment banking segment, as well as declining interest earnings.
- Despite an expected decline in retail sales, June data turned out to be stronger. Retail sales were unchanged from May, while excluding data from vehicle and fuel sales, w saw rose 0.8% MoM
- 10-year US treasuries yields drops below 4.2% again; despite slightly stronger US dollar today. Markets see almost 100% chances for September Fed rate cuts
- In the foreign exchange market, the Swiss franc is currently performing best. Large declines, however, are seen in Antipode currencies.
- Hugo Boss (BOSS.DE) lowered its full-year 2024 earnings forecast in the face of growing macroeconomic pressures and geopolitical challenges
- Gold rocketed to new historic highs today, helped by dovish expectations for Fed policy in the coming months. Meanwhile, WTI crude oil is losing more than 1% in today's trading.
- At 9 PM BST investors will learn API data on U.S. crude oil inventories, which could provide a clue ahead of tomorrow's DOE data.
- The Wall Street Journal reports that the SEC has informed asset managers that U.S. Ethereum ETFs may begin trading starting July 23 this year. Bitcoin is gaining 1.5% today, while Ethereum is up 1.24%.
Actualized International Monetary Fund projections
-
International Monetary Fund sees US 2024 GDP growth level at 2.6%, slightly down from 2.7% in April. The 2025 forecast was unchanged at 1.9%.
- Eurozone GDP yearly GDP growth was lifted to 0.9% from 0.8% in April; 2025 forecast unchanged at 1.5%
- Chinese GDP growth was also lifted to 5% from 4.6% in April due to perspective of stronger consumer spending in the second half of the year. IMF also lifted China 2025 expected GDP to 4.5% vs 4.1% previously
- Despite that, IMF informed that weak China Q2 2024 poses some downward risk to this projection
- Global real GDP for 2024 was unchanged at 3.2% while 2025 perspectives were lifted to 3.3%, from 3.2% projected in April
- Japan 2024 GDP cut to 0.7% from 0.9% in Aprils on auto disruptions
