Trading Market Insights:
- Asian shares extend global stock rally, following gains on Wall Street.
- Janet Yellen to visit China this week.
- China's central bank takes measures to support the economy and strengthens the yuan.
- Nikkei index in Japan soars driven by hopes of filling gaps from US-China decoupling.
- Business sentiment improves in Japan, leading to increased factory output and demand.
- Equities rise in South Korea, Australia, and China, with notable strength in Hong Kong-listed technology shares.
- Asian electric-vehicle manufacturers' shares climb after Tesla delivers record number of cars in Q2.
- US equity futures remain flat, Nasdaq 100 and S&P 500 perform well in early hours.
- EuroSTOXX 50 and FTSE futures rise, tech sector may receive a boost from Tesla's record vehicle delivery.
- The market value of tech stocks increases significantly, with Apple, Microsoft, and Alphabet worth more than the entire emerging market.
- Traders encouraged by moderation in inflation, but debt markets indicate a high chance of Fed rate hikes.
- Dollar supported against the yen, while the euro remains firm against the yen and trades within a range against the dollar.
- Watch for potential central bank intervention if the yen weakens further.
- Gold struggles due to rising interest rates, while major currencies show narrow ranges against the dollar.
- Oil prices marginally lower with focus on demand challenges and supply outlook.
Key events today:
Eurozone S&P Global Eurozone manufacturing PMI
UK S&P Global/CIPS UK Manufacturing PMI
Dollar Index (DXY) Intraday:
Pivot Level: 103.07
Pivot Level: 1914.10
Crude Oil (WTI) Intraday:
Based on Today's Fundamental and Technical Market Insights
Nasdaq 100 Intraday:
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