Trading Tuesday

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

July 03, 2023

Market Data

Local

Global

*Data as of 6pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

  • China Caixin manufacturing PMI in expansion for second straight month, while growth slows; Caixin manufacturing PMI was 50.5 in June, versus consensus 50 and 50.9 in May, indicating a marginal expansion in factory activity.

  • BoJ’s Tankan Metrics: Headline business conditions index for large manufacturers was 5 in June, above consensus 3 and follows 1 in March. Broadly confirms the first improvement in seven quarters.

  • RBA decision will be a close call with economists split on whether central bank will hike by 25 bp or hold.

  • PBoC announcement places Pan Gongsheng in line to be next bank governor

  • China is on track to become world's top LNG importer in 2023.

Europe, Middle East, Africa

  • OPEC+ producers ****hold their monthly meeting as Saudi Arabia's voluntary production cut takes effect from this month. Saudis extend voluntary production cut to August.

  • Eurozone final manufacturing PMI revised lower after Italian and Spanish updates; revised lower to 43.4 versus 47.7 consensus and prior 43.2.

  • EU gas prices rally in June despite consumption cuts, but shortages unlikely this winter

  • The UK labor market is still showing signs of tightness, which might make the BoE's inflation fight more difficult.

The Americas

  • Tesla announces record 466K deliveries in Q2, beating 445K estimates.

  • Apple forced to make major cuts to Vision Pro headset production plans on manufacturing problems.

  • Goldman Sachs in talks to move its Apple financial products business to American Express.

  • 10Y Treasury pushing back toward 4% despite best bond investor sentiment in a decade.

  • PE firms warn new US antitrust rules could delay deals.

Investment Tip of The Day

Monitor geopolitical risks: Stay informed about geopolitical risks that can impact the global economy and financial markets. Monitor geopolitical events, such as political tensions, trade disputes, or changes in government policies, and evaluate their potential implications for your investments.

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.