Reporter of the Economic Business: Cai Ding Editor of the Economic Business Business: Wang Xin
Before the trading session on Friday, the three major U.S. stock futures rebounded. Before the market opened, the People's Bank of China announced that it would lower the reserve ratio of financial institutions by 0.5 percentage points on July 15, 2021. After this reduction, the weighted average reserve ratio of financial institutions is 8.9%. The People's Bank of China also said that the orientation of prudent monetary policy has not changed. The purpose of this reduction in the reserve requirement ratio is to optimize the funding structure of financial institutions, improve financial service capabilities, better support the real economy, and effectively increase the long-term and stable source of funds for financial institutions to support the real economy. The People's Bank of China pointed out that the reserve requirement ratio cut released about 1 trillion yuan in long-term funds. For the company, Foxconn said the company has discussed with Wisconsin Economic Development Corporation the company's plan to build electric vehicles.
Market dynamics
As of press time, Dow futures rose 0.65% or 224 points, S&P 500 futures rose 0.41%, and Nasdaq futures rose 0.01%; well-known Chinese stocks listed in the US rose on Friday before the market. As of press time: Alibaba rose 1.31%, JD.com rose 2.29%, Pinduoduo rose 2.6%, NIO rose 2.83%, Ideal Auto rose 2.08%, and Xiaopeng Motors rose 1.88%. As of press time, WTI crude oil rose 1.19% to $73.81 per barrel, Brent crude oil rose 0.89% to $74.78 per barrel, spot gold fell 0.06% to $1,801.38 per ounce, and the US dollar index fell 0.12% to 92.26.
On the previous trading day (July 8), the three major U.S. stock indexes closed down all the way. As of the close of July 8, the Dow Jones Index fell 0.75%, the S&P 500 fell 0.86%, and the Nasdaq fell 0.72%.
Most major European stock indexes have risen. As of press time:
(European major stock index trend, source: Oriental Fortune)
Market news
[Bank of England Governor Bailey: The growth of UK productivity is "disappointing"]
Bank of England Governor Bailey: The growth of UK productivity is "disappointing".
[ECB Regulatory Commission Villeroy: The risk of too low CPI is as serious as the risk of too high]
ECB Regulatory Commission Villeroy: The risk of too low CPI is as serious as the risk of too high.
[Foxconn : It has discussed plans to manufacture electric vehicles with Wisconsin Economic Development Corporation]
Foxconn said it has discussed plans to manufacture electric vehicles with Wisconsin Economic Development Corporation.
[Levis' net income and net profit in the second quarter exceeded expectations]
Levis: Financial results for the second quarter ended May 30, 2021. According to the financial report, the company's net income in the second quarter was US$1.3 billion, an increase of 156% compared with the second quarter of 2020, exceeding the market's expectations of US$1.21 billion; the net profit in the second quarter was US$65 million, also exceeding the market's expectations, with adjusted net profit of US$93 million.
[Pfizer : Plans to require U.S. regulators to approve boosters for COVID-19 vaccines within next month]
Pfizer chief scientist said Thursday that the company plans to require U.S. regulators to approve boosters for COVID-19 vaccines within next month because there is evidence that people are at a higher risk of re-infection after 6 months of receiving the common vaccine, and the spread of the highly contagious Delta variant at the moment. However, the U.S. Food and Drug Administration (FDA) and the Centers for Disease Control and Prevention (CDC) said in a joint statement that Americans who have been fully vaccinated do not currently need a COVID-19 vaccine enhancer injection.
[Lithuanian athletes participating in the Olympics in Tokyo tested positive for the new coronavirus]
It is reported that Lithuanian athletes participating in the Olympics in Tokyo tested positive for the new coronavirus.
[NIO releases NIO Power 2025 battery swap station layout plan, and the total number of battery swap stations worldwide will exceed 4,000 by the end of 2025]
The first NIO Energy Day was held in Shanghai. Among them, the company shared the development history and core technologies of NIO Energy, and released the NIO Power 2025 battery swap station layout plan.
[ TSMC 's revenue in June was NT$148.471 billion, a year-on-year increase of 22.8%]
TSMC announced its revenue report for June 2021. The consolidated revenue in June 2021 was approximately NT$148.471 billion, an increase of 32.1% from the previous month and 22.8% from the same period last year.The cumulative revenue from January to June 2021 was approximately NT$734.555 billion, an increase of 18.2% over the same period last year.
[World Gold Association: Net inflow slowed down in June, but global gold ETFs still concluded with positive momentum in the second quarter]
Global gold ETF positions in June did not change much, with a slight inflow of 2.9 tons. Net inflows in North America and Asia are mostly offset by European fund outflows. Overall, despite a significant weak trend in late June against the prospect of the Fed's relative hawkish stance, gold ETFs still achieved net inflows, suggesting that investors may be using low gold prices to build long positions.
Events and data to focus on during the New York period
7-9
20:30 The European Central Bank released the minutes of the monetary policy meeting and the changes in the number of employment in Canada in June;
23:00 The Federal Reserve's monetary policy report.
Daily Economic News
