U.S. Equity Markets declined as Japan went back into a State of Emergency, ending the day lower, led again by the S&P which closed with a loss of 0.86%. This move lower saw the VIX surge 17%. Investors continued to rotate into the safety of bonds, pushing yields lower, and helping to accelerate the sell-off in stocks. But economic data did not make the situation any better… Weekly Jobless Claims rose unexpectedly last week, with another 373,000 individuals filing for Jobless Claims in the week ending July 3, according to the U.S. Labour Department. This was higher than the prior week’s upwardly revised 371,000 number and Wall Street’s estimate of 350,000 people. This marks the second-lowest level since March 14, 2020, behind only last week’s numbers. It could be that as some States are ending additional government benefits, individuals are rushing to take advantage of them. European Markets closed lower. The European Central Bank (“ECB”) is anticipated to announce new inflation targeting strategy that will enable it to run above the central bank’s 2% target without raising Interest Rates. This could have fuelled concerns over higher inflation. German Export data for May were weaker than estimated, but remained in line with April’s data, suggesting the pace of growth is stabilising. The Spanish government is considering reimposing restrictions in some of its regions as COVID-19 cases rise. In Asia, China’s State Council said it would use central bank policy tools, including a reserve requirement ratio cut, to improve lending capacity and boost economic support. Japan’s Virus Policy Czar Yasutoshi Nishimura said a government advisory panel had approved a new state of emergency in Tokyo covering July 12 to August 22. This also meant that the country would not allow any spectators at this summer’s Olympic games. This was the big story of the day across global markets, sparking fears of a slowing economic recovery. South Korea’s daily COVID-19 infection count surpassed the December peak, as the government warned it could bolster social-distancing measures if the outbreak was not contained. Elsewhere, Oil rose 1.72% following positive inventory data from the Energy Information Administration, while Bitcoin fell 5% after a broader cryptocurrency sell-off.
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