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Markets are divided between virus woes and promising earnings - Monday Review, August 2

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Miguel A. Rodriguez
Miguel A. Rodriguez
03 August 2021
Earnings boost market sentiment

The US

Wall Street closed mainly lower after erasing early gains, as worries about the Delta COVID-19 variant and a slowing US economy overshadowed optimism regarding more fiscal stimulus. Moreover, data released regarding manufacturing showed a slower pace for the second straight month as shortages of raw materials persisted. USA30 fell 0.28%, while USA500 traded 0.18% lower. TECH100 added 0.06%.

Crude oil lost 1.2% at $73.03 a barrel.

Gold fell 0.3% to $1,811.25 per ounce.

 

Asia and Australia

Markets were mixed, with signs of a challenging week ahead because of the disappointing Chinese economic data and its continuous regulatory crackdown.

HongKong45 inched down 0.04%.

Japan225 jumped 1.59%.

Down under, Australia200 went up 0.97% ahead of the country’s central bank handing down its policy decision on Tuesday. Sydney is under a lockdown that will last at least nine weeks until August 28.

 

Europe

The stock market traded higher, driven by strong earnings from banking giant HSBC and AXA, as well as healthy German retail sales. Germany30 traded 0.5% higher, while France40 rose 0.9%. UK100 climbed 1%.

Brent oil fell 1.2% to $74.53 a barrel.

EUR/USD was flat at 1.1867.

 

Sources: investing.com, reuters.com

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.