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Labour Party leader Burnham: I have not yet decided on cabinet members.July 17th - Eburys Matthew Ryan stated in a report that the pound may weaken after its recent rebound, driven by optimism surrounding Andy Burnhams potential appointment as Prime Minister following Keir Starmers resignation. "We believe the pounds rebound is somewhat justified, but it increasingly resembles an example of buy the rumor, sell the fact," Ryan said, adding that sluggish UK economic growth and uncertainty surrounding future fiscal policy could lead to a weaker pound.On July 17th, local time, the UKs ruling Labour Party announced at its special conference that Andy Burnham had been elected leader of the Labour Party and would succeed Keir Starmer as Prime Minister after being appointed by King Charles III. According to procedure, Starmer will submit his resignation to King Charles III on July 20th. Burnham will then accept the Kings appointment and officially assume the position of Prime Minister. The 56-year-old Burnham previously served as Mayor of Greater Manchester. Previously, in the Labour Party leadership election, Burnham received the support of a majority of Labour MPs, becoming the sole official candidate.Kuwaits Ministry of Foreign Affairs stated that Irans attack on the power plant was a violation of sovereignty, and continuing such aggressive behavior would be a serious escalation.Kuwaiti Foreign Ministry: We condemn Irans act of aggression against the power plant, which has damaged the power generation units.

S&P 500 Price Forecast – Stock Markets Continue to Struggle

Alice Wang

Jul 15, 2022 15:54

Technical Analysis of the S&P 500

Due to the ongoing pessimism, the S&P 500 has decreased somewhat during Thursday's trading session. At this time, it seems as if the market is prepared to go further, maybe attempting to approach the most recent lows at the 3637 level. In the end, this market should continue to see a lot of agitated behavior. I believe that fading rallies will remain a significant problem. The 50 Day EMA is now hanging in the general vicinity of the 3950 level, which serves as the ceiling at this time.


Ultimately, your indication to become engaged will be when you start to feel exhausted after brief rallies. Given the lack of global growth and the fact that inflation is still a problem, I do believe the downward trend will continue. Additionally, the Federal Reserve is rapidly tightening monetary policy, and as a result, a 100 basis point interest rate rise is being predicted. Due to the fact that the S&P 500 contains so many significant exporters, it is extremely probable that we will continue to see significant problems with the global economy.


In the end, a running season is approaching, so there could be some "hopium" waiting to happen, but after hearing J.P. Morgan declare, "We have never seen an economic scenario like this," during its results presentation, I don't think this earnings season will be cause for celebration. After a rally, I will suppress any indications of tiredness.

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