US markets are closed to celebrate the Fourth of July. Here’s what you need to know in global markets today. 1. Chinese stocks…
US markets are closed to celebrate the Fourth of July. Here’s what you need to know in global markets today.
1. Chinese stocks hit their highest level in 5 years, while Europe looks for direction with US markets closed for July 4th. Liquidity was thin with few US investors online during the day.
2. Goldman Sachs says global oil demand won’t rebound to pre-coronavirus crisis levels until at least 2022. Gasoline demand is expected to be the fastest to recover among oil products due to a transition in consumer behaviour.
3. Chinese PMI hits the highest level in a decade in latest sign that the world’s 2nd largest economy is surging back. The services PMI came in at 58.4, up from 55 in May.
4. ‘Capital markets are not free’: Billionaire investor Ray Dalio says the Fed is boosting asset prices, valuation metrics don’t apply, and the US dollar is at risk.
