U.S. Equity Markets had a volatile start to the new week, with the Dow leading the decline to close 0.60% lower, 200 points off its intra-day low, while the divergence increased as the NASDAQ 100 closed higher by 0.40%. Markets declined on little news. San Francisco Fed President Mary Daly said the economy is doing well enough to start functioning on its own, so the central bank can consider withdrawing monetary support. This fits in with the recent hawkish turn from the central bank, and could continue to pose concerns for investors. In terms of economic data, ISM Non-Manufacturing data fell and missed estimates in June. While the Index hit the lowest level since February, it was not all bad news. Backlogs of orders continued to rise, signalling strong demand in the coming months. Wall Street is looking ahead to the release of the Federal Reserve’s meeting minutes for clues on future policy decisions this evening. European Markets also declined. European Central Bank Vice President Luis de Guindos said that while the recent inflation rise should prove temporary, it must ensure the change is not permanent. This could lead to the central bank turning more “hawkish” in the future. German Factory Order data for May were weaker than expected, unexpectedly contracting, driven by a decline in auto demand from abroad. The Organisation of the Petroleum Exporting Countries and its allies ended oil production talks without an agreement, implying global supply will remain constrained. In Asia, Japan’s Deputy Prime Minister Taro Aso said the U.S. and Japan would have to defend Taiwan in the event of an invasion by China, potentially stoking regional political tensions. The People’s Bank of China withdrew roughly $3.1 billion worth of liquidity from the Country’s financial system via reverse repurchase operations. Markit/Caixin’s China composite Purchasing Managers’ Index (“PMI”) data for June declined versus May, as a result of coronavirus restrictions and a drop in new orders. South Korean Finance Minister Hong Nam-ki warned individuals not to anticipate continued home-price gains, as the government is resolute in curbing speculation. Elsewhere, Oil fell 1.89% as OPEC could not find a resolution at its production meeting, while Bitcoin rose 3% on little news.
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