Stock markets are having mixed reactions to the early morning passing of the Trump regime’s Big Billionaires Bill but are also hesitating around the blanket tariffs that are set to go into motion on the 1st August. The Orange Mussolini has resorted to just sending out letters instead of negotiating trade deals as he is better with a Sharpie than he his with Talkie-Talkie. Yen saw some movement on some surprisingly good domestic Japanese spending data as wages continue to climb with continued speculation the BOJ may raise rates soon while the Australian dollar remains very firm against USD.
Oil markets are struggling to hold on to their overnight gains with Brent crude trading just below the $69USD per barrel level while gold is trying to make a comeback as it sits above the $3340USD per ounce level:
Mainland Chinese share markets are up strongly with the Shanghai Composite pushing 0.7% higher to extend well above the 3400 point level while the Hang Seng has slipped slightly again to remain below the 24000 point level. Meanwhile Japanese stock markets are up slightly but the Nikkei 225 is still just below the 40000 point barrier with the USDPY pair retracing down to the 144 level after the NFP surprise:
Australian stocks are again just treading water with the ASX200 about to close slightly lower at 8597 points while the Australian dollar is holding fast above the mid 65 cent level against USD despite the tariff threat:
S&P and Eurostoxx futures are down slightly going into the London session with the S&P500 daily chart showing the market clearly overextended but still turning any news into positive returns after breaking right through the 6300 point level:
The economic calendar is relatively quiet with the US long weekend, but there is the OPEC+ meeting.
Some fun memes to enjoy your 4th of July:
