Summary:
- Indices gain as banks make mixed start to US earnings season
- GBP recovers from declines as Trump clarifies comments on trade
- AMEX focuses on blockchain
- Soybean prospects remain pretty dim
- Chinese trade surplus swells
The second quarter US earnings season began today, with banks JP Morgan, Citi and Wells Fargo posting results. The overall picture could be described as fairly mixed with JP Morgan beating while there was further disappointment for Wells Fargo. US indices look set to post a solid week of gains however with the US500 attempting to firm up above the 2800 level and the US100 recording a new record peak overnight.
Trump held a joint press conference with UK PM May this afternoon and some positive remarks relating to trade have contributed to a further recovery in the pound. Sterling had slid earlier after reports last night that Trump had called a trade deal "probably dead" but the latest developments have breathed some life back into the currency.
Cryptocurrencies are subtly rising. Friday brings calm after yesterday’s falls. Over the past 24 hours major cryptocurrencies were faintly increasing. American Express, a credit card colossus, keeps an eye on blockchain. Company considers using of this system in a proof-of-payment technology. This is not first time when a gigantic company comes up with such an idea related to a blockchain technology.
The US Department of Agriculture sent a really gloomy message for soybean investors when it decided to slash its exports estimation for the upcoming 2018/2019 season. Even as soybean prices did not fell on Thursday immediately after the release, mainly due to a surge in corn prices, more falls seem to be only a matter of time given the grim outlook for this grain.
The trade data coming from the Chinese customs administration revealed on Friday showed that the trade surplus increased in June to $41.61 billion (with the United States to $28.97 billion) making a giant leap compared to the previous month which saw a $24.23 billion surplus. The release reignited concerns with regard to the ongoing trade spat between the two world’s largest economies, receding odds for any imminent ceasefire
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