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Forex News - NTVforex Marc Chandler Marc to Market Follow Following Surge in coronavirus spooks investors as China takes profits http://www.ntvforex.com/news/?id=348187|7/10/2020 11:26:28 AM Overview: Record fatalities in a few US states, coupled with new travel restrictions in Italy and Australia, have given markets a pause ahead of the weekend. News that two state-backed funds in China took profits snapped the eight-day advance in Shanghai at the same time as there is an attempt to rein in the use of margin. Many of the largest markets in the Asia Pacific region fell by 1-2%, This pared the weekly gains in most markets, but sent the Nikkei and Kospi lower for the week. European shares are trying to snap a three-day fall. Several sectors are higher through the morning session, but
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Forex News - NTVforex Marc Chandler Marc to Market Follow Following Surge in coronavirus spooks investors as China takes profits http://www.ntvforex.com/news/?id=348187|7/10/2020 11:26:28 AM Overview: Record fatalities in a few US states, coupled with new travel restrictions in Italy and Australia, have given markets a pause ahead of the weekend. News that two state-backed funds in China took profits snapped the eight-day advance in Shanghai at the same time as there is an attempt to rein in the use of margin. Many of the largest markets in the Asia Pacific region fell by 1-2%, This pared the weekly gains in most markets, but sent the Nikkei and Kospi lower for the week. European shares are trying to snap a three-day fall. Several sectors are higher through the morning session, but
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| Forex News - NTVforex Marc Chandler Marc to Market Follow Following Surge in coronavirus spooks investors as China takes profits http://www.ntvforex.com/news/?id=348187|7/10/2020 11:26:28 AM Overview: Record fatalities in a few US states, coupled with new travel restrictions in Italy and Australia, have given markets a pause ahead of the weekend. News that two state-backed funds in China took profits snapped the eight-day advance in Shanghai at the same time as there is an attempt to rein in the use of margin. Many of the largest markets in the Asia Pacific region fell by 1-2%, This pared the weekly gains in most markets, but sent the Nikkei and Kospi lower for the week. European shares are trying to snap a three-day fall. Several sectors are higher through the morning session, but the drag is coming from consumer discretionary, energy, and financials. US shares are trading lower, and the SP 500 advance for the week of about 0.7% could be halved in the early going. Bonds are drawing the safe-haven bid. The US 10-year is slipping below 60 bp, and core European bond yields are mostly a couple of basis points lower. The US and UK five-year yields are at new record lows ( 26 bp and -9 bp, respectively). The dollar enjoys a firmer bias, though the yen and Swedish krona (maybe related to bond purchases), are posting modest gains, and the euro and sterling have recovered from earlier losses and are little changed. Of note, the dollar has pushed through JPY107 to visit levels not seen for a couple of weeks. The losses in emerging market currencies between yesterday and today has left the JP Morgan Emerging Market Currency Index practically flat on the week. Gold is trading near $1807 an ounce, but the upside momentum seen earlier this week has stalled. The International Energy Agency warned that the new flare-up of cases can weaken the demand for oil. After falling 3% yesterday, August WTI is being drilled another 2% today. It is below $39 a barrel for the first time this month. Asia Pacific News on the ground was thin. The surge in virus cases and the decline in US equities took a toll on regional markets. After initially seemingly encouraging equity buying, Chinese state organizations seemed to have drawn more cautious yesterday before a couple of state-run funds were quite public about their plans to take profits. Reports indicate that foreign-based funds also were sellers and for the first time this month today. Chinese data show that foreign funds were net buyers of CNY63 bln of equities this month through the linked connections. They reported slow CNY4.4 bln today, the most in almost four months. Separately, China said bank lending in June was in line with expectations ( CNY1.8 trillion), but the shadow banking surged more than expected. The risk-off moment has seen the US dollar slump to about JPY106.70, its lowest level since June 24. Little support is seen ahead of JPY106.00. On the top side, the JPY107.00-JPY107.15 may offer nearby resistance. The Australian dollar has held above this week's lows |