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S&P 500 futures gap lower as Fitch downgrade their US credit rating
In a surprise move, US ratings agency Fitch downgraded the United States long-term credit rating to AA+, making it the second time in history that the US has lost its triple-A rating. S&P 500 futures gapped lower.
Gold rises on US ratings downgrade: Asian Open – 2nd August 2023
The US has lost its triple AAA ratings status according to Fitch Ratings agency, which saw S&P 500 E-mini futures fall around -0.6% at the open and spot gold rise around 0.6% from its cycle lows. We now have a bullish bias for gold over the near-term, although the success of its anticipated move to 1960 likely depends on the performance of the US dollar and how seriously traders take the downgrade to be.
European Open: Trump announces presidential rerun, NATO in focus
We knew it was coming, but now it is official. Trump will run for the Whitehouse once more. But perhaps more pressing is today’s emergency NATO meeting.
GBP/JPY approaches critical resistance ahead of Bank of England decision
Boosted largely by a sharply extended fall in the Japanese yen, GBP/JPY rose to a new year-to-date high this week, ahead of the Bank of England's policy announcement on Thursday
French Election: Landslide Macron victory prompts muted initial reaction from euro
The widely-expected outcome of the French presidential election came to be on Sunday evening, as pro-euro centrist Emmanuel Macron was projected to become the new President-elect of France.
Could Apple be the U.S.'s first $1 trillion company?
The Nasdaq Composite passed its 6000 milestone last week and the S&P 500 Information Technology index is having a similar moment.
Apple share fall may not be bruising
Investors are likely to reassess the 27% sprint by Apple shares so far this year when U.S. stock trading gets underway
BP needs more than profit recovery to refuel shares
BP shares rose less than 2% on Tuesday, despite a threefold quarterly profit surge
US techs back at Club 1999
The Nasdaq Composite wasn't the only technology index in the spotlight this week.
DAX: Will a dovish ECB trigger EU stocks rally?
The key focus will be on hints about the prospects of an early tapering of the QE stimulus programme. If Draghi dismisses that possibility, which is more likely given that the ECB had recently shrugged off the pickup in inflation on temporary factors, then the prospects of low rates for longer could boost the European stock markets, and possibly undermine the euro.