Asia Morning July 7
Investors seemed to be convinced that re-opening economies have kissed goodbye to coronavirus-induced lockdowns forever...
Share this:
On Monday, U.S. stocks surged with the Nasdaq 100 Index closing 262 points higher (+2.54%) at a fresh record of 10604. The Dow Jones Industrial Average rose 459 points (+1.78%) to 26287, and the S&P 500 advanced 49 points (+1.59%) to 3179.
Retailing (+3.57%), Technology Hardware & Equipment (+2.47%) and Consumer Services (+2.43%) sectors were market leaders. Amazon.com (AMZN +5.77% to $3,057.04), Apple (AAPL +2.67% to $373.85) and Microsoft (MSFT +2.15% to $210.70) closed at record levels.
On the technical side, about 43.3% (41.3% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 39.3% (32.3% in the prior session) were trading above their 20-day moving average.
Regarding U.S. economic data, the Institute for Supply Management (ISM) Non-Manufacturing Index rose to 57.1 in June (50.2 expected).
European stocks advanced further. The Stoxx Europe 600 Index gained 1.58%. Germany's DAX 30 rose 1.64%, France's CAC 40 climbed 1.49%, and the U.K.'s FTSE 100 was up 2.09%.
The benchmark 10-year Treasury yield stepped up to 0.683% from 0.672% last Thursday.
Spot gold price increased $8.00 (+0.5%) to $1,784 an ounce, the highest close since September 2011.
U.S. WTI crude oil futures (August) edged two cents down to settle at $40.63 a barrel.
On the forex front, the ICE U.S. Dollar Index lost 0.4% on day to a two-week low of 96.77.
EUR/USD rose 0.6% to 1.1314. Official data showed that the eurozone's retail sales grew 17.8% on month in May (+15.0% expected) and/while German factory orders increased 10.4% (+15.4% expected). Later today, German industrial production for May will be released (+10.5% on month expected).
GBP/USD gained 0.1% to 1.2495. The Markit U.K. Construction PMI bounced to 55.3 June (46.0 expected) from 28.9 in May.
USD/JPY fell 0.3% to 107.36. Government data showed that Japan's household spending declined 16.2% on year in May (-11.8% expected).
Dow Jones Industrial Average: Daily Chart
Source: GAIN Capital, TradingView
Prior to the session, China's Shanghai Composite Index soared 5.71% and Hong Kong's Hang Seng Index jumped 3.81%. Investors seemed to be convinced that re-opening economies have kissed goodbye to coronavirus-induced lockdowns forever.
Retailing (+3.57%), Technology Hardware & Equipment (+2.47%) and Consumer Services (+2.43%) sectors were market leaders. Amazon.com (AMZN +5.77% to $3,057.04), Apple (AAPL +2.67% to $373.85) and Microsoft (MSFT +2.15% to $210.70) closed at record levels.
On the technical side, about 43.3% (41.3% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 39.3% (32.3% in the prior session) were trading above their 20-day moving average.
Regarding U.S. economic data, the Institute for Supply Management (ISM) Non-Manufacturing Index rose to 57.1 in June (50.2 expected).
European stocks advanced further. The Stoxx Europe 600 Index gained 1.58%. Germany's DAX 30 rose 1.64%, France's CAC 40 climbed 1.49%, and the U.K.'s FTSE 100 was up 2.09%.
The benchmark 10-year Treasury yield stepped up to 0.683% from 0.672% last Thursday.
Spot gold price increased $8.00 (+0.5%) to $1,784 an ounce, the highest close since September 2011.
U.S. WTI crude oil futures (August) edged two cents down to settle at $40.63 a barrel.
On the forex front, the ICE U.S. Dollar Index lost 0.4% on day to a two-week low of 96.77.
EUR/USD rose 0.6% to 1.1314. Official data showed that the eurozone's retail sales grew 17.8% on month in May (+15.0% expected) and/while German factory orders increased 10.4% (+15.4% expected). Later today, German industrial production for May will be released (+10.5% on month expected).
GBP/USD gained 0.1% to 1.2495. The Markit U.K. Construction PMI bounced to 55.3 June (46.0 expected) from 28.9 in May.
USD/JPY fell 0.3% to 107.36. Government data showed that Japan's household spending declined 16.2% on year in May (-11.8% expected).
On Monday, U.S. stocks surged with the Nasdaq 100 Index closing 262 points higher (+2.54%) at a fresh record of 10604. The Dow Jones Industrial Average rose 459 points (+1.78%) to 26287, and the S&P 500 advanced 49 points (+1.59%) to 3179.
Retailing (+3.57%), Technology Hardware & Equipment (+2.47%) and Consumer Services (+2.43%) sectors were market leaders. Amazon.com (AMZN +5.77% to $3,057.04), Apple (AAPL +2.67% to $373.85) and Microsoft (MSFT +2.15% to $210.70) closed at record levels.
On the technical side, about 43.3% (41.3% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 39.3% (32.3% in the prior session) were trading above their 20-day moving average.
Regarding U.S. economic data, the Institute for Supply Management (ISM) Non-Manufacturing Index rose to 57.1 in June (50.2 expected).
European stocks advanced further. The Stoxx Europe 600 Index gained 1.58%. Germany's DAX 30 rose 1.64%, France's CAC 40 climbed 1.49%, and the U.K.'s FTSE 100 was up 2.09%.
The benchmark 10-year Treasury yield stepped up to 0.683% from 0.672% last Thursday.
Spot gold price increased $8.00 (+0.5%) to $1,784 an ounce, the highest close since September 2011.
U.S. WTI crude oil futures (August) edged two cents down to settle at $40.63 a barrel.
On the forex front, the ICE U.S. Dollar Index lost 0.4% on day to a two-week low of 96.77.
EUR/USD rose 0.6% to 1.1314. Official data showed that the eurozone's retail sales grew 17.8% on month in May (+15.0% expected) and/while German factory orders increased 10.4% (+15.4% expected). Later today, German industrial production for May will be released (+10.5% on month expected).
GBP/USD gained 0.1% to 1.2495. The Markit U.K. Construction PMI bounced to 55.3 June (46.0 expected) from 28.9 in May.
USD/JPY fell 0.3% to 107.36. Government data showed that Japan's household spending declined 16.2% on year in May (-11.8% expected).
Dow Jones Industrial Average: Daily Chart
Source: GAIN Capital, TradingView
Prior to the session, China's Shanghai Composite Index soared 5.71% and Hong Kong's Hang Seng Index jumped 3.81%. Investors seemed to be convinced that re-opening economies have kissed goodbye to coronavirus-induced lockdowns forever.
Retailing (+3.57%), Technology Hardware & Equipment (+2.47%) and Consumer Services (+2.43%) sectors were market leaders. Amazon.com (AMZN +5.77% to $3,057.04), Apple (AAPL +2.67% to $373.85) and Microsoft (MSFT +2.15% to $210.70) closed at record levels.
On the technical side, about 43.3% (41.3% in the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average, and 39.3% (32.3% in the prior session) were trading above their 20-day moving average.
Regarding U.S. economic data, the Institute for Supply Management (ISM) Non-Manufacturing Index rose to 57.1 in June (50.2 expected).
European stocks advanced further. The Stoxx Europe 600 Index gained 1.58%. Germany's DAX 30 rose 1.64%, France's CAC 40 climbed 1.49%, and the U.K.'s FTSE 100 was up 2.09%.
The benchmark 10-year Treasury yield stepped up to 0.683% from 0.672% last Thursday.
Spot gold price increased $8.00 (+0.5%) to $1,784 an ounce, the highest close since September 2011.
U.S. WTI crude oil futures (August) edged two cents down to settle at $40.63 a barrel.
On the forex front, the ICE U.S. Dollar Index lost 0.4% on day to a two-week low of 96.77.
EUR/USD rose 0.6% to 1.1314. Official data showed that the eurozone's retail sales grew 17.8% on month in May (+15.0% expected) and/while German factory orders increased 10.4% (+15.4% expected). Later today, German industrial production for May will be released (+10.5% on month expected).
GBP/USD gained 0.1% to 1.2495. The Markit U.K. Construction PMI bounced to 55.3 June (46.0 expected) from 28.9 in May.
USD/JPY fell 0.3% to 107.36. Government data showed that Japan's household spending declined 16.2% on year in May (-11.8% expected).
Related tags:
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
AUD/USD Crushed Ahead of Jobs Report as US Dollar, Yields Surge
AUD/USD slumps towards 70c as surging US yields and a stronger dollar overshadow Australian jobs data and the RBA outlook.
USD/MXN Forecast: Peso Loses Momentum Ahead of Banxico Decision
Over recent trading sessions, the Mexican peso has started to show signs of losing strength against the U.S. dollar. This can be seen in the performance of USD/MXN, which has gained more than 1.7% over the last three sessions, highlighting the dollar's renewed strength against the peso.
Euro Short-term Outlook: EUR/USD Selloff Nears Critical Yearly Support 9 23 2026
Euro has fallen seven of the past nine sessions, with stretched momentum raising the stakes as EUR/USD closes in on a major inflection zone.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.