Aug 17 2021 0

The S&P 500 index closed at an all-time high on fears the Delta variant would hamper global growth. Moreover, the crypto market just hit another all time high. If this is not a good day to trade, I don't know what is. Check out how you should trade in this article.

Latest updates:

  • USD recovers slightly from last Friday's big loss (due to dismal consumer data) after disappointing monthly activity data from China reinvigorated USD demand.
  • Retail sales, industrial production and fixed asset investment were all weaker than expected in July due to the latest COVID-19 outbreak, and this weighed heavily on the world's second largest economy - China.
  • The Taliban have recaptured the Afghan capital, Kabul, 20 years after being driven out by US forces and just weeks after President Joe Biden announced his withdrawal.
  • Crude oil prices fell again after weak Chinese economic data cast doubt on the trajectory of global demand going forward.
  • The cryptocurrency market has re-gained a market valuation of $2 trillion.

Biden adressed Afgan

President Joe Biden defended the decision to withdraw US troops from Afghanistan, saying: "I firmly support my decision" and added that the US will continue to fight terrorism in Afghanistan from the outside. With the land border now under the control of the militant group, the airport is the last remaining exit point for thousands of people seeking to escape the new regime, and there are concerns that this option could close soon. The panic in Afghanistan's largest city comes after a rapid advance into territory by the Taliban, which brought the fundamentalist group back to power two decades after the US military invaded and defeated them. Chase this group. Meanwhile, China was one of the first countries to receive the new Islamic regime.

Record breaking

Asian stocks are set for a quiet open as traders weigh the record-breaking S&P 500 index on fears a delta virus variant will hamper global growth. Treasury bonds and the dollar rose. Futures markets rose in Japan, little changed in Australia and Hong Kong. US stock futures fluctuated after the S&P 500 index closed at an all-time high, doubling from its pandemic low in March 2020. Healthcare companies and utilities rallied, while Apple stock hit records. Tesla has been engulfed in an investigation into the electric car maker's Autopilot system.

The third dose

Pfizer and BioNTech submitted early-stage data to US regulators, showing that the third dose of their Covid-19 vaccine produced higher levels of protective antibodies when given from 8 -9 months after initial regimen. The companies expect results from a larger, late-stage trial evaluating the effects of a short-term third booster dose. Elsewhere in the world, Hong Kong upset businesses by tightening travel restrictions on residents returning from 16 countries, including the US, France and Spain; Australian authorities are strengthening lockdown restrictions and extending stay-at-home orders; and the number of deaths from Covid-19 in US hospitals is reaching its previous highest level in several hotspot states.

Risk of investment in China

The chairman of the US Securities and Exchange Commission, Gary Gensler, has issued his most direct warning about the risks of investing in Chinese companies, following a sweeping crackdown by Beijing, which capital has rattled the markets. There are many things that American investors don't know about some Chinese companies listed on US stock exchanges, Gensler said in a video message. His comments come just weeks after the regulator halted IPOs of Chinese companies until they stepped up disclosure, and warned that investors may not know. that they are actually buying shares of shell companies instead of direct shares in Chinese businesses. China's crackdown triggered a significant sell-off in equities as investors struggled to determine how far the government would go in tightening its grip on the economy.

Malaysia giving up

Malaysian Prime Minister Muhyiddin Yassin and his cabinet have resigned after more than 17 months in power, fueling a leadership crisis in a country besieged by a weakening economy and a surge in coronavirus cases. Mr. Muhyiddin, 74, will remain as prime minister until a successor is found. The king accepted his resignation and said that a new election was not the best option during the pandemic. Mr. Muhyiddin has rejected calls to resign since taking office in March 2020. Malaysia's political upheaval may not be over yet.


Fanara Filippo

Hey, I’m Fanara Filippo. I’m the founder of this site. I'm currently living in Bangkok, Thailand. I have been trading forex for more than 5 years. You can read my articles about the best forex brokers on this page. Let’s review brokers today.

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