Jackson Hole symposium shifts to an online format; Dollar index bounces from 9-month high
US Treasury Secretary Janet Yellen told senior White House advisers that she supports the reappointment of Jerome Powell as chairman of the US Federal Reserve, whose term expires in February. The White House has not yet commented on this issue, but the Biden administration is inclined to nominate another candidate according to preliminary information.
WTI crude oil prices decreased by 2.55% on Friday, while Brent crude lost 2.15%. By the end of last week, WTI decreased by 8.9%, and Brent decreased by 7.7%. The oil market is still under the pressure of the global spread of Delta and, as a consequence, a decrease in demand for fuel.
The gold situation remains unchanged. As long as the Fed maintains a soft monetary policy, quotes of precious metals will rise. But any hints on the reduction of the QE program will cause a sharp fall in these instruments. A lot will depend on the economic symposium results in Jackson Hole later this week.
The shares of Chinese IT giants are going down as China has passed a new data privacy law that is considered one of the strictest in the world in terms of requirements for companies that collect user data. Another reason is the ongoing trade war between the US and China. Container prices between the US and China have skyrocketed, which will undoubtedly be reflected in higher prices for goods from China. At the same time, the Chinese authorities were able to contain the wave of the Delta strain: no new cases of infection were detected in the country on August 23. As a result, Asian stock indexes slightly increased at the opening on Monday. However, the situation with the epidemic in other Asian countries is only getting worse.
S&P 500 (F) 4,441.67 +35.87 (+0.81%)
Dow Jones 35,120.08 +225.96 (+0.65%)
DAX 15,808.04 +42.23 (+0.27%)
FTSE 100 7,087.90 +29.04 (+0.41%)
USD Index 93.46 -0.11 (-0.12%)
News feed for: 2023.07.04
- Australia Manufacturing PMI (m/m) at 02:00 (GMT+3);
- Japan Manufacturing PMI (m/m) at 03:30 (GMT+3);
- Singapore Consumer Price Index (m/m) at 08:00 (GMT+3);
- France Manufacturing PMI (m/m) at 10:15 (GMT+3);
- Germany Manufacturing PMI (m/m) at 10:30 (GMT+3);
- Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+3);
- Eurozone Services PMI (m/m) at 11:00 (GMT+3);
- UK Manufacturing PMI (m/m) at 11:30 (GMT+3);
- UK Services PMI (m/m) at 11:30 (GMT+3);
- US Manufacturing PMI (m/m) at 16:45 (GMT+3);
- US Services PMI (m/m) at 16:45 (GMT+3);
- US Existing Home Sales (m/m) at 17:00 (GMT+3).
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
