NEW YORK, July 16 — Global equities climbed yesterday, while the dollar dipped and oil rose as investors reduced their expectations of an aggressive interest rate hike by the Federal Reserve this month and as US spending data beat forecasts.
The data reflect the colossal hit from widespread Covid lockdowns. It sent Chinese shares 1.7 per cent lower and dragged an Asian ex-Japan index to two-year lows.“The market is due for a short-term snapback and because we got better-than-expected results from Citigroup and retail sales that gave fundamental reasons for investors to be optimistic,” said Sam Stovall, chief investment strategist at CFRA.
The pan-European STOXX 600 index rose 1.79 per cent and MSCI’s gauge of stocks across the globe gained 1.46 per cent. Wall Street’s main indexes traded higher as upbeat retail sales data allayed concerns about an economic slowdown, while shares of Citigroup surged after quarterly results. Treasury yields slipped two-three basis points across the curve while two-year yields held firmly above the 10-year segment, the curve inversion that often presages recession.
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