Wealth Wednessday

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

July 05, 2023

Market Data

Local

Global

*Data as of 6pm WAT

Market News

Local

Global

Weekly Investment Watchlist

Market Commentary

Asia and Australia

  • The Caixin China General Services PMI fell to 53.9 in June 2023 from 57.1 in the previous month. While the number still remains in expansionary territory, we're still seeing a gradual decline in the numbers which is not encouraging for consumption and economic growth.

  • Investors lower expectations for Asian equity gains on faltering China growth, tight monetary policy. Geographically India and Japan stocks may benefit from economic growth and supportive policies.

  • Singapore central bank chief says economic outlook dimmed for the country

  • RBA paused hikes yesterday but left the door open for further hikes.

  • Shein in talks with banks and exchanges about US IPO

Europe, Middle East, Africa

  • China's rare earth metal export ban poses disruption and risks for European semiconductors

  • The Eurozone’s Global Composite PMI falls to 49.9 into contractionary territory.

  • Upcoming Q2 reporting season previews in the spotlight. Refinitiv I/B/E/S data showed Stoxx 600 Q2 earnings are expected to fall 7.4% from a year earlier but analysts noted that these low expectations does offer opportunities for Corporate Europe to deliver profit beats.

  • UK flow data shows equity funds dumped in favor of high yields, safe havens; The risk for UK interest rates is skewed to higher for longer levels as the BoE grapples with high inflation.

  • Eurozone inflation may be running high, but real economy showing clearer signs of demand and credit stress, highlighted by PMIs and bank lending surveys. This could compel the ECB to pause sooner than expected.

  • JPMorgan flags risks to UK housebuilders due higher rate environment. Sector valuations still above October 2022 levels, but sees potential softening in sales rates due to uncertainty on rates.

The Americas

  • It’s a slow newsday in the US, after the July 4th holiday.

  • US preparing to restrict Chinese companies' access to cloud-computing services

  • Talks collapse between UPS and Teamsters

  • Rivian Automotive: Amazon (AMZN) rolls out first electric delivery vans from Rivian in Europe

Investment Tip of The Day

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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.