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MARKET UPDATE
Hong Kong Stocks Extend Rally at Open
Tuesday, 7 July 2020 08:54 WIB

Hong Kong stocks started with more gains Tuesday, having climbed more than six percent over the previous four sessions and following a surge on Wall Street. The Hang Seng Index rose 0.88 percent, or 231.92 points, to 26,571.08. The benchmark Shanghai Composite Index jumped 1.44 percent, or 48.07 points, to 3,380.95 while the Shenzhen Composite Index on China's second exchange climbed 0.98...

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
Oil Prices Inch Higher on Output Cut Support, But U.S. Coronavirus Spike Caps Gains
Tuesday, 7 July 2020 10:29 WIB

Oil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude futures climbed 13 cents, or 0.3%, to $40.76 a barrel at 0103 GMT, recouping a 2 cent loss from Monday. Brent crude futures rose 7 cents, or 0.2%, to...

GLOBAL
Chinese Law Professor Critical of President Xi Jinping Detained in Beijing
Monday, 6 July 2020 23:38 WIB

A Chinese law professor who has written essays critical of President Xi Jinping's governance has reportedly been detained in Beijing. Friends of Xu Zhangrun say the writer and academic was taken from his home early Monday morning by more than a dozen police officers.  The New York Times, quoting his friend Geng Xiaonan, says a computer and papers were also taken from...

FISCAL & MONETARY
ECB's Lagarde: Economic recovery will be a complicated matter
Friday, 26 June 2020 15:19 WIB

European Central Bank (ECB) President Christine Lagarde, while presenting at an Online Summit organised by the European Business Leaders' Convention, said that we probably have passed the lowest point of the crisis. Additional quotes: Still cautious because of the second wave of infections. Economic recovery will be a complicated matter. Recovery will be incomplete, maybe...

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
11.30 AUD H Cash Rate 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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