The high-beta Nasdaq-100 Index (NDX) closed with a drop of 3.09%, increasing the index’s monthly loss to almost 8% as July looms. Tech stocks lagged the overall market. Nevertheless, because of the economic giant’s relaxation of Covid-19 measures, Chinese markets are expected to end June on a positive note. In line with the risk aversion, Bitcoin (BTC) prices decreased. The price of the flagship cryptocurrency could rise if Asian equities markets defy the overnight decline.
Beijing reduced the amount of time that tourists from other countries must stay in quarantine on June 28, the most recent indication that leaders are ready to set aside the strict Covid-19 policy. There is currently only a one-week quarantine requirement for visitors from outside China. If those limits continue to decrease, the same impact of pent-up demand that was observed in Western economies where restrictions were substantially lifted early in 2022 and late in 2021 may be observed in China in the months to come.
G7 is now working to clarify the specifics of a proposed Russian oil price cap. The action would restrict the pricing that non-Russian parties might offer for the oil in Russia. According to a study by the American Petroleum Institute (API), the US crude oil inventory decreased by 3.8 million barrels for the week left behind, exceeding the analysts’ predicted 100k drop.
Following a two-week hiatus owing to technical difficulties with the agency’s systems, the EIA report is anticipated to be released on June 28.
The retail sales data for May in Japan is scheduled to be released on June 29. 4.0% growth from 2021 is what analysts are anticipating, per a survey published by Bloomberg. It would also be a significant increase over the 2.9 % year-on-year (YoY) growth seen in April, and a shock that exceeds expectations could contribute to the strengthening of the Japanese Yen.
The initial retail sales data for Australia for May will be released soon after. The estimated rise will be 0.4%, down from the previous 0.9% rise. If the news exceeds expectations, the Australian Dollar might strengthen.
