Here is what you need to know to start your day on Monday, July 15th, European session:
- The Chinese economy grew by 6.2% y/y in Q2, the weakest expansion in 27 years. Activity data showed a dramatic improvement, Antipodeans advanced further, Asian stocks traded mixed.
- US President Donald Trump tweeted that America is doing great economically despite the Fed’s antiquated policy on rates. US dollar index, 10-year treasury yields attempt a rebound, Gold slips. *
- UK: The Times reported that the British PM hopeful Johnson is ready to negotiate a post-Brexit trade deal with the US as his first step after being the UK Prime Minister. *
- Iran said it's ready to hold talks with the US if Washington lifts sanctions and returns to the 2015 nuclear deal. Meanwhile, S. Korea-Japan failed to resolve trade disputes. *
- Oil prices corrected lower on slowing Chinese growth concerns as US refineries, in the face of Tropical Storm Barry, continued to operate despite flood threats. *
- Cryptocurrencies are recovering following the weekend tailspin led by Trump’s criticism of cryptocurrencies late last week. Bitcoin dipped briefly below the 10k mark in early Asia. *
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Trump takes a dig at the Fed once again, says the US is doing great economically.
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