Wednesday, 10 July 2019

Markets mixed, US economy showing “broad signs of recovery”

Markets were mixed on Tuesday.

The S&P 500 rose 0.1 percent but the STOXX Europe 600 fell 0.5 percent.

Earlier in Asia, the Nikkei 225 rose 0.1 percent but the Shanghai Composite fell 0.2 percent.

Many investors are probably waiting for the two-day testimony before Congress by Federal Reserve Chairman Jerome Powell due to start Wednesday to gain more insights into Fed monetary policy after a strong jobs report last week lowered expectations for a rate cut.

Indeed, forecasters at UBS think that the US economy is bouncing back.

“We are growing again. Across a lot of indicators, there are broad signs of recovery since the first quarter,” said UBS economist Sam Coffin.

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