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Gladiator Finance's Global Economic News 23 July 2014
The majority of Asian markets performed well after a day which saw indexes globally post gains despite continued fears over the crisis in the Ukraine.
Chinese markets were back to yearly highs as concerns over the political crisis in the Ukraine started to ease. Tomorrow the HSBC Manufacturing PMI flash is released ahead of next Fridays final figures. Forecasts predict expansion slightly above last month's 50.7 and this will be a continuation of the progress seen in recent months however manufacturing is still expected to have been affected by the poor export orders seen earlier in the month.
Europe is predicted to open lower today. As the EU struggled to come together on further sanction to Moscow the markets may have seen this as a sign that the Eurozone, although against what is happening in the East of Ukraine, may not want to push their hand too far. With a decision made to target further individuals and possibly the defense sector the EU has shown that they are apprehensive to place further sanctions on businesses which have far closer ties to the 28 member state than the USA. Moscow has reacted nonchalantly to the current sanctions commenting that they may well enhance the local economy as opposed to hurt it. When initial sanctions were placed the Russian markets had a very rough few weeks yet it did not take long for them to return to prior levels. Should the EU look to take their sanctions a step further like the US, relations and fuel supplies could be pushed to their limits.
Yesterday saw US markets return to positivity ahead of key earnings announcements afterhours. What has been a bumper earnings seasons took a slight step back yesterday as both Microsoft and Apple saw lower than expected earnings reports. Microsoft is close to 14yr highs at the moment and even though the tech giant took a huge loss on its Nokia arm, many analysts already had that factored into their share price. It is a busy week for economic indicators in the US, as the week closes out data on housing and employment will be released and whether the markets continue their Bull Run will be closely linked to further earnings, the situation in the Ukraine and how investors look at risk for the coming months.
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