Also adding to market apprehension is June U.S. employment data due later in the day, which will show if the world’s largest economy can sustain its fragile recovery as new COVID-19 cases accelerate in several southern states.
“The weaker than expected ADP report suggests some downside risk to consensus,” said Joseph Capurso, head of international economics at Commonwealth Bank of Australia. Those developments have raised concerns about China’s already strained relations with its major western trading partners, particularly the United States.
The increase in manufacturing activity also propelled oil prices higher in anticipation of increased demand while gold and the dollar fell as the encouraging reports caused investors to take on more risk.
🌍 It’s time to speak up.heartbreaking