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Daily Market Outlook by Solid Trust Markets
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[QUOTE="SolidTrustMarket, post: 105695, member: 36800"] [b]Daily Market Outlook 14 July [/b] [img]https://scontent-mrs1-1.xx.fbcdn.net/v/t1.0-9/12717510_174118869626335_4845820293159483711_n.jpg?oh=cfe2e64c784640ad95eb7cdbcd6ed352&oe=58089787[/img] Asian shares remained near an eight-month high on Thursday as investors bet the Bank of England will cut rates to ward off recession following Britain's vote to leave the European Union. U.S. stocks ticked up on Wednesday, just enough for the S&P 500 and Dow industrials to set record highs, with investors expecting upbeat earnings to keep the rally going. Wall Street shares have quickly recovered the losses triggered by Britain's vote on June 23 to leave the European Union, driven by solid U.S. economic data. In addition, concerns that Brexit could disrupt European economies effectively took a Federal Reserve rate hike off the agenda in the near future, and boosted expectations of more monetary stimulus from central banks in Europe and Japan. Financial markets expect the Bank of England to announce a rate cut later on Thursday. Governor Mark Carney has hinted he may ease policy to cushion the economy from the Brexit shock. While the European Central Bank is expected to keep policy on hold at its meeting next week, the euro's overnight index swaps were pricing in further rate cuts over coming months. The British pound GBP=D4 advanced 0.3 percent to $1.3194 on Thursday. Sterling climbed to this week's high of $1.3340 on Wednesday as political uncertainty eased following the appointment of Theresa May as prime minister. But it ended the day down 1.4 percent from that peak after May named leading Brexit supporters to key positions in her new government, including former London mayor Boris Johnson as foreign secretary, and attention shifted toward a possible rate cut by the Bank of England. The U.S. federal government posted a budget surplus of $6 billion in June, compared with a surplus of $50 billion in the same month a year earlier, the Treasury Department said on Wednesday. The current fiscal year-to-date deficit stood at $401 billion, according to the Treasury's monthly budget statement. Receipts last month totaled $330 billion, while outlays were at $323 billion. Accounting for calendar adjustments, June would have shown a surplus of $10 billion compared to an adjusted surplus of $50 billion for June 2015. The U.S. economy continued to expand from mid-May through the end of June but there was little indication that inflation would surge any time soon, the Federal Reserve said on Wednesday. Wage pressures were "modest to moderate" in most of the central bank's districts and price pressures remained slight, the Fed said in its Beige Book report of anecdotal information collected from business contacts across the country. Fed policymakers have been spooked by a lack of sustained progress in moving inflation up to the central bank's 2 percent target as well as by a global growth slowdown. U.S. business investment also has been weak for two straight quarters. The Fed raised interest rates in December for the first time in nearly a decade but has held off further increases this year. Despite a strong rebound in U.S. job growth in June, traders see the Fed keeping rates on hold until at least mid-2017. Pressure to raise wages at the end of the second quarter was centered on skilled workers and difficult-to-fill positions, while "price pressures remain slight, with contacts generally reporting no movement in selling prices," the Fed said in its report. Only three districts - Cleveland, Chicago and San Francisco - reported increased wages for entry-level staff. With the U.S. labor market near what is considered to be full employment, economists generally have been expecting wages to rise, which in turn would help spark higher inflation. Employment continued to grow modestly, the Fed report said. Crude prices rose on Thursday to recoup some of their big losses from the previous session, but gains are likely to be limited by mounting concerns the global glut in oil is not going away soon after two major agencies issued bearish reports. A bearish assessment on the oil market from the International Energy Agency (IEA) on Wednesday sent both benchmarks down more than 4 percent by the close of trading. The glut in the global oil market is persistent and is putting a lid on crude prices despite strong demand growth and steep declines in non-OPEC production, the IEA said. Surging crude stocks have pushed floating storage to seven-year highs, the IEA said. Crude stockpiles in the United States were down less than expected last week, while distillate inventories rose the most since January and gasoline stocks unexpectedly increased, the Energy Information Administration (EIA) said on Wednesday. The data portrayed a traditionally busy summer driving season beset with unusually weak demand, when many had expected record driving trips amid lower oil prices. The EIA said crude inventories fell 2.5 million barrels last week, less than the 3 million-barrel drop forecast in a Reuters poll. [/QUOTE]
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