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Daily Market Outlook by Solid Trust Markets
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[QUOTE="SolidTrustMarket, post: 105030, member: 36800"] [b]Daily Market Outlook 4 July[/b] [img]https://scontent-mrs1-1.xx.fbcdn.net/v/t1.0-9/12717510_174118869626335_4845820293159483711_n.jpg?oh=cfe2e64c784640ad95eb7cdbcd6ed352&oe=58089787[/img] British finance minister George Osborne is planning to cut Britain's corporation tax to less than 15 percent in an attempt to offset the shock to investors of the country's decision to leave the European Union, the Financial Times reported on Sunday. Osborne was also quoted saying he would put more effort into Britain's relationship with China and lead another trade visit later this year, after the shock referendum decision. He told the newspaper he wanted to build a "super competitive economy" with low business taxes and a global focus. In his most recent budget statement, announced in March, Osborne said he planned to cut the corporation tax to 17 percent by 2020, down from 20 percent now. Other elements of his plan to steer the economy through the upheaval caused by the Brexit vote included ensuring support for bank lending, intensifying efforts to direct investment to northern England and maintaining Britain's fiscal credibility, the FT quoted him as saying. The Brexit vote threatens to redefine Britain's growing financial services relationship with China, which has agreed to a number of joint projects as part of the China-UK Economic and Financial Dialogue program to deepen economic ties between the two counties, based largely on the UK's membership of the EU. Britons stunned the world with a vote to leave the EU in a referendum on June 23. Prime Minister David Cameron resigned after the vote, asking his Conservative Party to choose another leader by the autumn. The U.S. dollar eased against its major counterparts on Friday, amid fading expectations of a Federal Reserve rate hike in the next couple of months and as markets continued to evaluate the consequences of the Brexit vote. Market players all but ruled out further rate hikes by the Fed this year in the aftermath of Britain’s vote to leave the European Union. In fact, futures markets are now reflecting a chance that the Fed could actually cut interest rates before the end of the year. According to the CME Fed Watch tool, there’s currently a 0% probability of a Fed rate hike in July and a 3% probability of a rate cut. The dollar slumped 0.7% against the yen as weak economic data from China and the fallout from the U.K.’s vote to leave the EU boosted safe-haven demand. The Caixin China manufacturing purchasing managers’ index fell to 48.6 in June, below expectations for 49.1, while the official manufacturing PMI came in at 50.0 last month, in line with expectations. London mayor Boris Johnson abruptly pulled out of the race to become Britain's next prime minister on Thursday, while Britain’s Justice Secretary Michael Gove, one of the main campaigners to take Britain out of the EU, said he would run to become prime minister. Interior Minister Theresa May, who campaigned to remain in the EU, also announced her candidacy to lead the party. Bank of England Governor, Mark Carney indicated on Thursday that more stimulus may be needed over the summer, sparking expectations for an upcoming rate cut. Elsewhere, the euro rose after a Reuters report said the European Central Bank was not considering buying government debt out of proportion to euro zone countries' shareholding in the bank. The single currency had fallen sharply on Thursday on a Bloomberg report that the ECB had been considering giving up the capital key due to a shortage of German paper. In the week ahead, market players will be shifting their attention slightly away from Brexit-related headlines and more towards economic fundamentals and U.S. monetary policy, with the June nonfarm payrolls report and FOMC meeting minutes in the spotlight. There is also ISM services data on Wednesday. U.S. financial markets will be closed on Monday for the Independence Day holiday. Elsewhere, in the U.K., market players will be eyeing the release of the Bank of England’s financial stability report for fresh clarity on the health of the U.K. banking sector in wake of Britain’s shock decision to leave the European Union. Oil futures ended higher on Friday, as a weaker U.S. dollar lent support to the commodity and amid subsiding fears about the Brexit referendum’s impact on crude demand. Gains were limited as data showed that the U.S. oil rig count rose for the fourth time over the past five weeks. Despite the upbeat performance, gains were limited amid signs of a potential recovery in U.S. drilling activity. Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by 11 last weeks to 341, marking the fourth increase in five weeks. The renewed gain in U.S. drilling activity fueled speculation that domestic production could be on the verge of rebounding in the weeks ahead, underlining worries over a supply glut. In the week ahead, oil traders will be focusing on U.S. stockpile data on Wednesday and Thursday for fresh supply-and-demand signals. The reports come out one day later than usual due to the Independence Day holiday in the U.S. on Monday. Market players will also continue to monitor supply disruptions across the world for further indications on the rebalancing of the market. The energy minister of Saudi Arabia, the world's largest oil exporter, and the secretary general of OPEC agree that the global oil market is heading toward a balance and that prices are starting to settle, according to comments carried by Saudi state news agency SPA. Falih said Saudi Arabia was seeking, through OPEC, to continue playing its role in meeting the growing global demand for oil and ensuring the reliability of the continued flow of oil supplies. [/QUOTE]
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