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MARKET UPDATE
European Markets Fall as Investors Look to Economic Data and U.S. Virus Surge
Tuesday, 7 July 2020 14:55 WIB

European markets retreated Tuesday morning as concerns over the threat to economic recovery of new coronavirus cases in the U.S. and weak German data put the brakes on Monday™s rally. The pan-European Stoxx 600 fell 0.7% at the start of trading, banks shedding 1.5% as all sectors and major bourses slid into negative territory. European stocks have dipped below the mixed tone set in Asia...

ECONOMY
U.S. Services Index Jumps to a Four-Month High on Reopenings
Monday, 6 July 2020 21:14 WIB

A gauge of U.S. service industries jumped to a four-month high in June and showed the resumption of growth as the economy reopened more broadly from pandemic-induced lockdowns. The Institute for Supply Management said Monday that its non-manufacturing index soared a record 11.7 points to 57.1 last month. Readings above 50 indicate growth, and the June figure exceeded the 50.2 median...

COMMODITY
Gold Holds Gain Amid Virus Resurgence, Weaker Dollar
Tuesday, 7 July 2020 13:25 WIB

Gold held near the highest level in more than seven years on demand for haven assets amid the resurgence in coronavirus cases in some parts of the world, while the dollar steadied after falling for five days. Spot gold little changed at $1,785.11/oz at 12:26pm in Singapore; +0.5% on Monday. Last week, prices touched $1,789.28, the highest since October 2012....

GLOBAL
US Diplomat in Hong Kong Says Security Law Use a 'Tragedy'
Tuesday, 7 July 2020 10:48 WIB

The top American diplomat in Hong Kong said Monday that it is a œtragedy to use the semi-autonomous Chinese territory's new national security law to chip away at œfundamental freedoms in the Asian financial hub and create an œatmosphere of coercion and self-censorship. Hanscom Smith, U.S. consul general to Hong Kong and Macau, told reporters. œHong Kong has...

FISCAL & MONETARY
RBA Highlights Recovery Uncertainties as Second Wave Threatens
Tuesday, 7 July 2020 14:06 WIB

Australia™s central bank chief highlighted worries among households and businesses about the health and economic outlook, as the nation™s successful run of Covid-19 containment was rocked by a new outbreak, damping the economy™s otherwise improving prospects. Reserve Bank of Australia Governor Philip Lowe kept the cash rate and three-year yield target...

ECONOMIC CALENDAR
Time Country IM Figures Previous Forecast Actual
06.30 JPN L Average Cash Earnings y/y -0.6% -0.9% -2.1%
06.30 JPN L Household Spending y/y -11.1% -11.8% -16.2%
10.35 JPN L 30-y Bond Auction 0.53|2.8 0.61|3.9
11.30 AUD H Cash Rate 0.25% 0.25% 0.25%
11.30 AUD H RBA Rate Statement - - -
12.00 JPN L Leading Indicators 77.7%
13.00 EUR L German Industrial Production m/m -17.9% 10.1%
13.45 EUR L French Trade Balance -5.0B -4.5B
14.00 CHF L Foreign Currency Reserves / Cadangan Devisa 816B
14.30 GBP L Halifax HPI m/m -0.2% -0.6%
15.00 EUR L Italian Retail Sales m/m -10.5% 15.0%
21.00 U.S L IBD/TIPP Economic Optimism 47.0 48.2
21.00 U.S L JOLTS Job Openings 5.05M 4.80M
MARKET REVIEW
GOLD CORNER
Gold price bull rally: the drive is alive
Monday, 6 July 2020 13:40 WIB

Gold achieved an important milestone this past week as priced pushed above $1,800 an ounce for the first time since 2011 and with strong fundamentals and what appears to be an unstoppable uptrend, retail investors and Wall Street analysts are significantly bullish on gold. Of the 17 Wall Street professionals who took part in last week poll, 12, or 70%, called for gold prices...

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