Morning Wrap (21.08.2024)

Indices from the Asia-Pacific region are experiencing a slightly upward session. Chinese indices are gaining between 0.05% and 0.15%, the Japanese Nikkei 225 index is up 0.85%, the Australian S&P/ASX200 is trading 0.60% higher, and futures contracts on the Singapore index SG20cash are gaining 0.05%.

Futures contracts on European indices are also pointing to a higher opening of the cash session. The DAX is gaining 0.20%, and the UK100 is up 0.50%.

On the forex market in the first part of the day, one of the stronger currencies is the Australian dollar. Meanwhile, the Japanese yen is once again experiencing significant losses, with declines reaching 0.3% to 0.5%. USDJPY is gaining 0.40%, returning above 145.7000.

Japan's trade balance shrank more than expected in July. The deficit amounted to 621.8 billion yen (4.2 billion USD), exports in July grew by 10.3% year-on-year, below expectations of a 11.4% increase, while imports grew by 16.6% year-on-year, exceeding the expected 14.9% growth and significantly accelerating from the 3.2% recorded in the previous month.

The unexpectedly lower export figures were due to ongoing disruptions in industrial production, while improving local demand also caused an increase in imports.

The six-month annualised growth rate of the Westpac-Melbourne Institute's index of leading indicators in Australia rose to +0.06%, signalling a slight improvement in economic momentum. The report highlighted that the economy faces challenges, but economic activity is improving.

Former US President Barack Obama today expressed his support for Kamala Harris in a late speech on stage at the Democratic National Convention.

Walmart (WMT.US) seeks to raise up to 3.74 billion dollars by selling its shares in the Chinese e-commerce company JD.com (JD.US). According to the report, Walmart intends to focus on its own operations in China.

The cryptocurrency market is slightly rebounding after yesterday's collapse in the second half of the day. Bitcoin is gaining 0.60% to 59,400 USD, Ethereum 0.80% to 2,590 USD, and the rest of the Altcoin market is gaining 0.05%, bringing the total capitalization to 575 billion USD.