Morning 7-8

Charts Via Bloomberg… Markets looking for a catalyst

Worldwide stocks Mixed US higher ,Nasdaq +.4% Europe lower dax -.4% China higher, Again Shanghai +1.73%  CSi 300 +1.6% resulting  7th consecutive higher close Currencies sideways… yuan a touch stronger vs USD  still no confident break of 7 handle something to watch  ..Spot Gold traded above $1800   for first time in 9 years it has been a struggle ..Aug. futures   $1815   Dec. $1842 Gold has stiff tailwinds and little headwinds  for further gains.. Bunds higher treasuries soft 10 year auction today   might be weigh on prices as concession are being priced in tight ranges overnight .

UK Fiscal Stimulus today:

  • FT: Chancellor Sunak set to  announce £2b in funding for 1000s of job placements for 16-24 y olds ;       employers would be paid by the treasury to employ 16-24 yr olds for 25 hours a week for up to 6      months, will pay the entire cost of the minimum wage
  • -Telegraph: Chancellor Sunak is today expected to raise stamp duty threshold to £500k, the temp measure is expected to last between 6mths & 1 year  =A tax cut
  •  UK will cut VAT for hospitality Tourism sector by 5%
  • UK will give everyone 50% discount on eating out Mon-Wed

Overnight Headlines Via Forex live:

US news:

  • Some of trumps Aides discussing possibility to Undermine the Hong Kong Dollar peg  the plan would involve limiting access to USD funding  (BBG)  ….probably not a good idea as would destabilize all dollar pegs and start the process of losing faith in USD
  • U.S. is imposing visa restrictions on Chinese officials involved in Tibet policy
  • China increasingly critical of dollar’s monopoly… China’s criticism of the U.S. dollar’s monopoly is gaining momentum in the face of Washington’s multitrillion-dollar coronavirus stimulus and threats of financial sanctions-pro farmer


California: +10201 new cases, new daily high

-LA County: +4015 new cases, new daily high

-Texas: +10028 new cases, new daily high; hospitalizations +588 to 9286 a record high  

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