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1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.54% to 49,395.16 points, the S&P 500 fell 0.28% to 6,861.89 points, and the Nasdaq Composite fell 0.31% to 22,682.73 points. Boeing fell more than 2%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index fell 0.29%, with Apple falling more than 1%. The Nasdaq China Golden Dragon Index fell 0.35%, with LuKong falling more than 3% and BaWangChaJi falling more than 2%. 2. Most of the three major European stock indexes closed lower. The German DAX fell 0.93% to 25,043.57 points, the French CAC40 was flat at 8,429.03 points, and the UK FTSE 100 fell 0.55% to 10,627.04 points. 3. A report released by the U.S. Treasury Department shows that in December of last year, 14 major countries and regions reduced their holdings of U.S. Treasury bonds, with a total reduction of $88.4 billion. The total holdings of U.S. Treasury bonds by overseas "creditors" fell to $9.27 trillion. The top three overseas "creditors" of the U.S.—Japan, the UK, and China—all chose to reduce their holdings of U.S. Treasury bonds. Among them, Japans holdings of U.S. Treasury bonds decreased by $17.2 billion to $1.1855 trillion, while the UK significantly reduced its holdings by $23 billion, with its holdings falling to $866 billion. 4. The U.S. crude oil futures contract closed up 2.49% at $66.67 per barrel; the Brent crude oil futures contract rose 2.25% to $71.93 per barrel. 5. International precious metals futures generally closed higher. COMEX gold futures rose 0.12% to $5015.50 per ounce, and COMEX silver futures rose 1.09% to $78.44 per ounce.The yield on Japans 5-year government bond fell 1.0 basis point to 1.620%.Japans preliminary services PMI for February was 53.8, down from 53.7 in the previous month.Japans preliminary manufacturing PMI for February was 52.8, down from 51.5 in the previous month.Japans preliminary composite PMI for February was 53.8, compared to 53.1 in the previous month.

0.8450 is being reached by EUR/GBP as the prospect of a UK recession looms

Daniel Rogers

Aug 05, 2022 14:46

 截屏2022-08-05 上午9.48.51.png

 

Following a huge upward rise from 0.8360 on Thursday, the EUR/GBP pair has subsequently turned sideways around 0.8430 in the Tokyo session. After the Bank of England (BOE) hiked interest rates by 50 basis points, the cross displayed a significant upward rise (bps) (bps). The BOE lifted interest rates by 50 basis points in succession, bringing them to 1.75 percent.

 

The investing community is aware that UK household earnings have been unsteady during the preceding few months. In addition, the economy's inflation rate is fast expanding. The inflation rate was 9.4 percent prior. The recent statement by BOE Governor Andrew Bailey that price increases might exceed 13 percent has sent shockwaves across the market.

 

The runaway inflation is now escalating, leaving the BOE with very little flexibility to tighten its monetary policy. The BOE is in poor shape as a result of the dismal economic data and the continuing political upheaval following the departure of UK Prime Minister Boris Johnson. A recession in the UK economy is extremely probable in the case that the inflation rate is close to 13 percent.

 

German manufacturing order numbers for the Eurozone have decreased by 0.4 percent against an anticipated 0.8 percent decline and a prior monthly contraction of 0.2 percent. Falling orders from factories indicate sluggish demand in Germany as a whole. It is vital to remember that Germany is a key element of the European Union (EU), and that economic data from Germany has a huge effect on people who favor the common currency.


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