Finance Friday

Ranora Daily - Your daily source for reliable market analysis and news.

July 07, 2023

Market Data

Local

Global

*Data as of 6pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

  • China Premier Li Qiang pledged to "spare no time" in implementing a batch of targeted policies to strengthen the economy's recovery from the pandemic.

  • Japan’s real wages remained negative for the 14th straight month, though improved to a 1.2% y/y decline from a revised 3.2% drop in April. Household spending remained depressed, falling 4.0% y/y in May vs expected 2.5% decline and 4.4% drop in April. Translated to the fourth consecutive slide in sequential terms. - This is not conducive to a revision in monetary policy.

  • China and South Korea maintain current bans on food imports from Japan due to safety concerns.

  • Historic China Heat Wave Takes Toll on Lives and Crops.

  • China likely to fine Ant Group at least CNY8B.

Europe, Middle East, Africa

  • No change in ECB's hawkish rhetoric with focus on tightening monetary conditions and bringing down inflation.

  • Chemical sector challenges continue as Clariant issues profit warning.

  • German industrial production for May came in (0.2%) m/m vs 0% expected and 0.3% rise in April. Remains 5% below pre-pandemic levels.

  • Data from accountancy firm BDO showed UK total like-for-like sales up 1.9% in June from last year's positive base of 8.4%.

  • UK Halifax house price data showed the biggest annual drop in price since 2011. Prices down 2.6% y/y in June, after 1.1% fall in May.

The Americas

  • Quits rate continues to fall, signaling end of great resignation.

  • US mortgage rate rises to 7.22% after positive economic data.

  • Uber, DoorDash file lawsuit against NYC over minimum wage law.

Investment Tip of The Day

Regularly contribute to your investments: Consistently contributing to your investments, even in small amounts, can have a significant impact on your long-term returns. Set up automatic contributions to ensure a disciplined approach.

Meme of the Day

Disclaimer: The information contained in this report is intended for informational purposes only and should not be considered as investment advice. The information is obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed.