U.S. Indices closed lower for the second consecutive trading session as tensions with China rose again. Beijing ordered the U.S Consulate in Chengdu to close in response to America ordering China’s Houston Consulate which was closed earlier in the week. The Republican Stimulus proposal was also delayed, with Senate Republicans saying they will unveil their own stimulus package this week due to the fine- tuning of measures that they want to include. Equity Markets were not helped by the weaker than expected U.S Preliminary Composite Purchasing Managers’ Index for July which came in weaker than expected. However, New Home Sales surged 13.8% in June, blowing away estimates and hitting a 13-Yaer High. The NASDAQ posted it first back-to-back loss in 49 trading sessions, led by Intel which closed 16% lower on Friday. European Indices also closed lower. The UK’s Chief Brexit negotiator said ‘’considerable gaps’’ remain between Britain and the EU on a post-Brexit trade deal. Elsewhere, The US Dollar fell for a fifth straight day while Oil closed 0.3% higher.
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