ars of the Sino-US tussles. Even so, the looming concerns about the global banking sector and real estate players from Beijing prod the optimists ahead of the key US inflation clues.
While portraying the mood, S&P500 Futures remains mildly bid around 4,520 by the press time, defending the latest rebound from the lowest level in a month marked the previous day. That said, the US 10-year Treasury bond yields dropped to the weekly low of around 3.98% before bouncing off 4.03% by the day’s end.
Recently, an improvement in China’s Producer Price Index for July superseded negative readings of the Consumer Price Index for the said month to favor market stabilization. That said, CPI declines to -0.3% YoY versus -0.4% YoY expected and 0.0% prior whereas the PPI improves to -4.4% YoY compared to -4.1% YoY market forecasts and -5.4% previous readings.from the Biden Administration, cited by Bloomberg, also allows the traders to lick their wounds at the multi-day low.
Previously, Italy’s surprise tax on windfall profits of banks joined the global rating agencies’ downward revision to the US banks and financial institutions to weigh on the risk sentiment. On the same line could be fears of the UK recession and slowing economic growth in China. On Tuesday, US Goods and Services Trade Balance for June came in at $-65.5B versus the $-65B expected and $-68.3B prior whereas the NFIB Optimism Index for July improved to 91.9, the highest in nine months, from 91.0 previous readings and 90.6 market forecasts. Further, US IBD/TIPP Economic Optimism for August eases to 40.3 from 43.0 market forecasts and 41.3 prior whereas Wholesale Inventories for June dropped to -0.5% versus the analysts’ estimations of reprinting the -0.3% figures.
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