The military coup came after thorough demonstrations and clashes between supporters and opponents of Morsi. President Morsi’s opponents welcomed the military intervention. The unrest in Egypt threatens the stability in the whole Middle East; Egypt being the most populous state in the region with borders also to Israel. Gold and silver which have fallen steeply over the last months also gained on the development as did Japanese yen. USD/JPY trades at 99,93. Euro/USD is 1.3003.
Attention in the US was focused on the jobless claims which came in 5000 lower than last week. Unemployment data for June are slightly better than in May falling to 7,5 %. This is still far from the 6,5 % the US Federal Reserve (FED) has set as a target for ending quantitative easing. Presented numbers on trade and services were disappointing and do not point to a quick turnaround in the American economy.
Dow Jones and Nasdaq ended up after a short and volatile session before closing for 4th of July independence celebrations. Dow was 12 points short of breaking the 15 000 level. European markets were weak after the last turmoil in Portugal where several ministers including the influential Minister of Foreign Affair, have threatened to leave the government. The political crisis has revived fears of a Portugese debt crisis. In Greece there are questions whether the Samaras-government would be able to live up to the obligations set by the troika which put pressure on European equity markets and the Euro.
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