Morning wrap (27.07.2021)

8:40 am 27 July 2021

  • US indices finished yesterday's trading higher. S&P 500 and Dow Jones gained 0.24% each, Russell 2000 added 0.33% and Nasdaq finished flat

  • Moods during the Asian trading hours were mixed. S&P/ASX 200, Nikkei and Kospi gained around 0.5% each while majority of Chinese indices traded over 0.5% lower

  • DAX futures point to a slightly lower opening of the European session

  • Bitcoin dropped from $40,000 area to below $37,000 after Amazon denied that it will start accepting cryptocurrency payments

  • China is reportedly considering restrictions on steel exports in order to cool domestic prices

  • South Korea and North Korea will resume daily communication following a 13-month break

  • South Korea GDP grew by 0.7% QoQ in Q2 2021. On year-over-year basis growth reached 5.9%

  • Chinese industrial profits increased 20% YoY in June. Profits increased 66.9% YoY during the first half of 2021

  • Tesla reported Q2 EPS at $1.45 (exp. $0.98) and revenue at $11.96 billion ($11.30 billion). Tesla reported a net income at $1.14 billion. Accounts payables jumped 13.7% from Q1 2021 and reached $7.56 billion. Tesla also reported a $23 million impairment on its bitcoin holdings

  • Precious metals trade lower, industrial metals pull back while oil and agricultural commodities gain

  • GBP and JPY are the best performing major currencies while AUD and NZD lag the most

BITCOIN rallied and tested resistance at $40,000 after rumours on Amazon accepting crypto payments hit the market. However, coin erased a big part of gains today after an Amazon said there are no plans to launch such services this year or the next. Source: xStation5

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