Wow Stocks Higher Go Figure . A few reasons:
⦁ Revisions of European PMI (Purchasing Managers Index) data beat the initial Numbers Dax +1.9%, Stoxx 50 +1.3% 17-19 stoxx 600 sectors higher led by AutoTech and construction
⦁ China’s Caixin PMI data 52.8 vs f/c of 51.2 provided a lift For Chinese stocks +1.75 CSI 300 1.6%. Even though Trump may announce new Measures against Chinese software Companies in the coming days.
⦁ Microsoft higher premarket as it continues to find a way to buy The US (United States) operations of tik-tok.Mocrosoft working with the Trump Administration to get this done
⦁ US 5-year real yields continue to head south -1.25% bullish gold and bullish Stocks
Gold briefly above 2000k spot made a new all-time high today, silver higher today +.8% last week touched A 7 year high, ugly weekly chart for silver. Copper +.9% China PMI numbers the reason ,sure .Oil sideways torn between higher stocks , strong PMI data and stronger dollar and virus case surges.
Dollar higher today buy not causing a significant risk off move ,JPY ower due to BOJ (Bank of Japan) issuing some comments about strength of JPY so something new to monitor. Treasuries heavy but bunds not so much only down a handful of ticks. Most of the big companies have released earnings and what follows is these companies selling debt, Google announcing a deal as I type.
What to watch this week:
⦁ ISM (Institute for Supply Management) today
⦁ Payrolls on Friday may see a reverse of most recent gains
⦁ A new Stimulus deal
From Pro Farmer:
The week ahead… Both Republicans and Democrats agreed progress was made Saturday during deliberations over a new stimulus deal to combat the impacts of coronavirus, and the two sides are set to continue talks today. But White House Chief of Staff Mark Meadows cautions, “We’re still a long way apart. And I do not want to suggest that a deal is imminent, because it is not.” The Washington Post today reported that the White House is considering unilateral moves amid the stalemate with Congress. The Senate is in session and the House is operating remotely. Other major focal points this week will be an update on China’s import numbers and the U.S (United States). employment report on Friday. On the political front, Joe Biden, the presumptive Democratic presidential nominee, said he will make his decision on his VP choice this week, but an announcement might not come until the week of Aug. 10.