Chinese trading data in July proved better than expected. Both export
and import figures improved and gave stock markets, which declined this
week, a firmer ceiling. The US market rose in the first part of the
session helped by strong results from Microsoft – up 3 % - and Tesla
Motors which jumped 14.2 %. The market turned around and went into red
territory for the fourth consecutive day on criminal charges against
J.P.Morgan related to its mortgage backed securities. The leading US
bank declined 0.8 %.
The Dollar demonstrated new weakness and fell to a seven week low. DXY
Dollar index, where USD is weighed against a basket of 6 major
currencies, fell 0.5 %. EUR/USD showed new strength and rose 0.4 % to
1.3392. USD/JPY continues to weaken, paying 96.25 Yen to a Dollar which
is far off the peak on 103 seen only months ago. “Abeism” - after the
new Japanese Premier 'Abe' - meant to spur inflation into a Japanese
economy stagnating for decades, has lost momentum with steady declines
in the Nikkei stock index.
US jobless numbers registering the number of unemployed requesting
unemployment benefits, which surprisingly jumped the last week of June ,
did not prove any substantial progress starting a new month. This did
neither help the mood in the stock market nor the strength of the Euro,
but raised new question marks in the ongoing guessing game on when the
US Federal Reserve (FED) eventually will start tapering its bond buying
program of USD 85 billion monthly.
In Russia, two of the leading oil company players, in letters to
President Vladimir Putin, mutually accused each other for wrong business
decisions. Both the head of the biggest Russian oil company, Rosneft,
Igor Sechin, and the head of the monopoly oil pipe company, Transneft,
Vladimir Tokarev, who both are former colleagues of Putin in the
intelligence services, accuse each other respectively for excessive
pipeline prices and ambitious and expensive oil terminal projects in
Nahodka in the Russian far East.
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