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Dow Futures Slide, Global Rally pauses after China’s GDP data

Thursday’s market minute

  • Global stocks are falling as coronavirus infection levels remained high in the US and investors pulled up stronger GDP data than expected in China.
  • GDP in China in the second quarter rose by 3.2%, but retail sales in June fell for the fifth month in a row, underlining the fragility of the world’s second largest economy.
  • US infections increase by 67,100, the second highest on the record, and take the total number of a total of 3.5 million when states consider reopening plans.
  • US retail sales increased by 7.5% in June against a market forecast of 5.2%, while unemployment claims remained stable at 1
    .3 million in the week ending July 11.
  • European equities are weaker following the ECB’s interest rate decision, while the dollar is edging higher as traders take a cautious stance on Thursday’s session.
  • US stock futures point to a weaker open on Wall Street after results from Johnson & Johnson, Morgan Stanley and Bank of America.

Wall Street futures fell lower on Thursday, while the dollar fell back and oil prices fell as markets reacted to mixed economic data from China, tensions between Washington and Beijing and coronavirus infection levels in the United States.

U.S. retail sales for June increased 7.5% year-on-year, the Department of Commerce said, a profit that matched record-breaking data for the past month. Unemployment claims for the week ended July 11 were kept at 1.31 million, however, which indicates that stopped reopening plans may increase unemployment.

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