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U.S. stock index futures strengthened, with Nasdaq futures up more than 1%, Dow Jones futures up 0.27%, and S&P 500 futures up 0.4%.July 21 (Futures News) – According to foreign media reports, Mediterranean Shipping Company (MSC) announced on its website that due to operational restrictions and rising costs associated with transit through the Panama Canal, and in order to maintain service reliability and quality, MSC will impose a Panama Canal Surcharge (PCS) on cargo shipped from Southeast Asia, China, South Korea, and Japan to the East Coast of the United States and the Gulf Coast of the United States. Effective August 19, 2026 (based on port entry date), until further notice, the PCS charge will be US$100 per TEU and will apply to all cargo types.Philippine Airlines has pledged to purchase up to 20 Boeing 787-10 Dreamliners.New York gold futures rose 1.00% on the day, currently trading at $4,052.00 per ounce.Futures Commentary by Everbright Futures: Gold prices have fluctuated amid geopolitical turmoil. According to Xinhua News Agency, US President Trump posted on social media on the 20th, hinting at a strong retaliatory action against Iran following recent US casualties. Irans Mehr News Agency reported on the 20th that explosions were heard in Hormozgan and Fars provinces in southern Iran that evening. However, the Trump administration has not completely ruled out seeking a diplomatic solution. According to China News Network, US Secretary of State Rubio stated in a media interview on the evening of the 19th that the Trump administration "remains open to a diplomatic solution." He also stated that Iran is still sending signals to the US "directly or through various channels from other countries," indicating that "they want dialogue and negotiations." With the situation highly uncertain, oil prices have struggled to rise, and gold prices have entered a sideways trading pattern. In the short term, the US-Iran conflict has failed to find a better solution, and the ongoing conflict is unlikely to effectively alleviate market concerns about inflation and interest rates. For gold, the outlook is mainly one of weak declines and corrective rebounds. It is recommended to maintain a defensive stance in the face of a highly volatile environment. Going forward, continued attention needs to be paid to the US-Iran conflict, expectations of Federal Reserve policy, and whether overseas financial markets will trigger liquidity risks due to expectations of rising interest rates.

Asian Shares Fall As Investors Analyze ECB Decisions

Charlie Brooks

Jun 10, 2022 11:14

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Asia-Pacific equities were predominantly lower on Friday morning. Ahead of U.S. inflation statistics, investors are analyzing the European Central Bank's signals for potential interest rate hikes.


At 10:49 PM ET (2:49 AM GMT), the Nikkei 225 was down 1.41 percent, and the KOSPI was down 1.08 percent.


In Australia, the ASX 200 index declined 0.99%.


The Hang Seng Index in Hong Kong fell 0.89 percent.


As a result of the Chinese government's response to a Bloomberg article, the sub-index for Hong Kong-listed IT giants opened 2.9 percent lower. Alibaba (NYSE:BABA) Group Holding Ltd.'s U.S.-listed shares plummeted after the China Securities Regulatory Commission dismissed a Bloomberg report that it was exploring a listing resurrection for the fintech company.


The Shanghai Composite rose 0.10 percent, but the Shenzhen Component rose 0.02 percent.


China's manufacturing factory-gate inflation slowed to its worst pace in 14 months in May, according to previously released data. In May, the producer pricing index (PPI) increased by 6.4% annually, compared to an increase of 8% in April. The reading was the lowest since March 2021. The cooling could be attributable to decreased demand for steel, aluminum, and other industrial commodities as a result of COVID-19-related production disruptions.


Meanwhile, the consumer price index (CPI) increased 2.1% annually.


The European Central Bank (ECB) announced on Thursday that it will prepare a quarter-point increase in interest rates in July and a larger increase in the fall if inflation remains high. Inflation in the eurozone has already surpassed 8 percent.


Short-term U.S. Treasury rates are near all-time highs for 2022 due to a selloff in the euro-area bond market in response to ECB rate rise indications.


The ECB also announced that net asset purchases will halt on July 1, 2022.


Now, investors have moved their attention to U.S. inflation data, due later in the day, for additional hints on the course of interest rate hikes by the U.S. Federal Reserve.


Bloomberg quoted Charles Schwab (NYSE:SCHW) & Co.'s chief financial strategist Liz Ann Sonders as saying, "We've reestablished the inverse relationship between bond rates and stock prices."


"There is a little more discussion, or whispering, about the CPI being a touch above forecasts. Add to that the ECB's more hawkish posture, and you get another bad day."


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