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Markets remain in a tussle, though, as a Chinese crackdown on its technology sector and surging cases of the Delta variant of coronavirus in Asia and elsewhere range against still-Dovish monetary policy and punchy earnings from a range of companies. “It's largely still a function of limited alternatives available, with a still attractive pick up in return vs the more risk-free alternatives.”
The US economy grew past pre-pandemic levels in the second quarter, helped by rising vaccinations and government aid, though the expansion fell short of expectations and rising Covid-19 infections are clouding the outlook for the current quarter. But following Fed Chairman Jerome Powell's statement earlier this week that rate increases are “a ways away” and the job market still had “some ground to cover”, the dollar wallowed near one-month lows on Friday and was set for its worst week since May.
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Global stocks find their feet as focus turns to the FedEquities regain some poise as a storm in Chinese stocks shows signs of easing, while the dollar makes modest gains
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