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US market. 15.07. Powell calmed the market

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S & P500 US indices on Wednesday: Dow and S & P500 + 0.1%, NASDAQ minus 0.2%. The main thing: the head of the FRS calmed the markets – the FRS will not rush to stop supporting economic growth, despite the jump in inflation. The head of the Federal Reserve made a regular report to Congress on monetary policy. Everyone was waiting for Powell’s speech with great interest – immediately after the new report on inflation in the United States, which showed inflation to 5.4% yoy in June. Powell assured the markets that the jump in inflation is temporary, then inflation will decrease, the Fed will continue to support growth. The dollar fell after Powell’s speech, the euro rose. Wednesday has become a big day to fight global warming. The two largest economies in the world – the EU and China – have unveiled big plans to improve the environment. Thus, the EU plans to drastically reduce the use of hydrocarbons by 2030. The share of renewable energy in the EU is set to rise sharply to 40% by 2030 from the current 20%. Important unpleasant news for Russia and oil and gas producers – the EU will ban the sale of cars with internal combustion engines from 2035. Also, Russia will be hit by the planned EU environmental taxes on steel and cement. The US also plans to adopt a CO2 reduction program – however, Biden has strong opposition in Congress on this issue. China: The growth of the Chinese economy in the 2nd quarter slowed down significantly compared to the 1st quarter, but remains high, + 7.9% per annum, in the 1st quarter it was + 18.3% per annum. Asian indices in the morning China + 1.3%, Japan minus 1.2%. Oil fell sharply yesterday by $ 2, or -3%, and continues to decline today amid slower growth in China. Brent USD 73.70. Oil inventories in the US for the week fell by almost 8 million barrels again, the report showed yesterday – but gasoline stocks increased, +1 million barrels, and oil production in the US increased, +0.1 million barrels per day. Two words about covid: The head of the WHO announced yesterday that the Third Wave of covid has begun in the world. The total number of new cases in the world rose to +550 K, with Brazil and Indonesia leading at +57 K cases yesterday. From developed countries USA +35 K, Britain +42 K cases yesterday. Russia – a slight decrease, +23.8 thousand new cases, mortality in Russia is the highest in the entire pandemic, +786 deaths yesterday. S & P500 4374, range 4340-4410. The report of the second largest US bank, Bank of America, was released. The bank’s profit exceeded forecasts in the second quarter and amounted to $ 9.22 billion – compared to $ 3.5 billion a year earlier. However, the bank’s turnover fell to $ 21.47 billion, 4% lower than a year ago. The bank’s profit growth was helped by the release of a significant part of the required reserves during the crisis, as the US economy quickly recovers, and consumer income and spending soared. There were reports from three other giants of the US banking sector – JPM, Citigroup, Wells Fargo. All had significant earnings growth for the quarter on the back of a slight decline in revenue compared to last year, a pattern echoing the Bank of America report. USDX 92.30, range 92.0–92.60, the dollar fell sharply yesterday after Fed Chairman Powell said it was prepared to ignore the rise in US inflation. The dollar will wait for the Fed’s decisions at the end of the month, at a meeting on July 27-28 USDCAD 1.2530, range 1.2480-1.2600. The dollar rose to the upper end of the range relative to the Canadian – the decline in oil yesterday outweighed the decline in the dollar on the market for the pair. Conclusion: Markets will receive a new weekly US employment report today. In general, a big correction is likely in the US market – but, perhaps, the market will try to grow a little more before the Fed meeting at the end of the month. – Source: InstaForex

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