Summary:
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Trump-Putin meeting began in Helsinki
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Saudi Arabia sinks oil prices with supply boost announcement
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US dollar underperforms against other major
The beginning of the new week on the European stock markets is mixed. The UK equities are top underperformers while the Turkish ones are subject to biggest advance. The US and Russian presidents have already arrived at the presidential palace in Helsinki therefore investor should be cautious of any news spurring from the meeting. On the commodity front we are observing declines of oil prices after Saudi Arabia hinted that it may boost output. Swedish krone and the New Zealand dollar are outperforming other majors while the US dollar and Japanese yen are the biggest laggards.
The US dollar enhanced its position on Friday trying to prove its latest corrective move had yet to come to an end. Since the beginning of July the greenback has been up against most of major currencies being included in the G10 basket, albeit two risk-off-related currencies such as JPY and CHF have declined noticeably.
Russia, a host of this year’s World Cup, has developed a new list of trusted crypto companies. The Russian Association of Cryptocurrencies and Blockchain created this whitelist to limit cryptocurrencies frauds. Russians have lost over 4 million dollars due to frauds connected to digital currencies so far this year.
Adidas is among leaders of the DAX index today. According to the Financial Times report the company is planning to halt the use of the virgin polyester in its cloths by 2024. The company is said to shift to the recycled polyester that is about 10-20% more expensive than the virgin one. Polyester makes up around 50% of the cloths produced by Adidas.
Most of Asia-based stock markets have begun the new week noticeably lower even as Wall Street managed to retain moderate increases on Friday. Over the weekend we did not get any particularly shocking revelations therefore one may suppose that downbeat moods might be a by-effect of slightly slower GDP growth of the Chinese economy.
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