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28th July 2021 Morning Report

Wednesday 28th July 2021

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U.S. share markets came off record highs Tuesday. The Dow Jones Industrial Average 0.24%, while the S&P 500 and Nasdaq Composite were lower by 0.47% and 1.21%, respectively. 

Tuesday’s Federal Reserve’s two-day meeting on Tuesday and is expected to keep policy on hold. Investors will be paying close attention to any hints as to when it may begin to taper its asset purchase program or raise interest rates.  Meanwhile Goldman Sachs has cut its 2022 USGDP forecast amid ongoing covid-19 concerns. Tesla beat its forecasts, while 3M Co raised its annual sales and profit outlooks. United Parcel Service Inc. reported quarterly revenue jumped 14.5% year on year as package delivery remained strong as consumers preferred to order online rather than shop in stores. Both earnings and revenue were ahead of estimates. Alphabet Inc., Apple Inc. and Microsoft Corp. will release their quarterly results after Tuesday’s closing bell.  US listed Chinese stocks took another hammering on Tuesday after popular messaging app WeChat temporarily blocked new users from registering igniting more ongoing concerns over greater government control of large corporates. 

Other overseas markets closed mostly lower.  European bourses were weaker across the board, with Germany’s DAX 30 down 0.64%, France’s CAC 30 sliding 071% and Britain's FTSE 100 weaker by 0.42%. In Asia, Hong Kong’s Hang Seng index declined 4.22%. The Shanghai Composite fell 2.49% and Japan’s Nikkei advanced 0.49%. West Texas Intermediate crude oil slipped 26 cents to $71.65 a barrel and gold rose 80 cents to $1,799.50 an ounce 

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