Wednesday 30th June 2021
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U.S. consumer confidence jumped in June to its highest level in almost -1/2 years, on the back of growing labour market optimism, amid a reopening economy that offset concerns about higher inflation. The Conference Board’s consumer confidence index reached a reading of 127.3 this month, the highest level since February 2020. Economists polled had forecast the index at 119.0. Consumers’ inflation expectations over the next 12 months increased to 6.7% marginally higher than the previous month. Economists are forecasting a double-digit rise in consumer spending this quarter and expect the economy to grow at an 10% annualized rate. Gross domestic product expanded at a 6.4% pace in the first quarter.
On the back of this positive economic news stocks on Wall Street rose, with the S&P 500 hitting a record high for the fourth straight session. The dollar rose against a basket of currencies and U.S. Treasury prices were lower.
European shares ended higher on Tuesday after data showed economic sentiment improved sharply in June. The pan-European STOXX 600 rose 0.3% higher. Asian markets were lower in the fear that the Delta virus variant could impede global economic recovery. The Chinese CS1300 index closed 1.2% lower on the fear that the Delta virus variant could impede global economic recovery. The Shanghai Composite Index was down 0.9%. The Nikkei fell 0.81% to 28,812.61, while the broader Topix lost 0.82%.
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