Stocks edge higher as the earnings season commences - Monday Review, July 12

Stocks edge higher as the earnings season commences - Monday Review, July 12

Market watchers are cautious ahead of US inflation data and Powell’s testimony

The US

Wall Street closed at its highest level, lifted by tech and bank stocks as investors eyed the start of the second-quarter earnings season. USA30 rose 0.36%, while USA500 gained 0.35%. TECH100 climbed 0.21%.

Crude oil traded 0.8% lower at $73.95 per barrel.

Gold fell 0.3% to $1,804.55 an ounce.

Asia and Australia

Markets were up as traders kept an eye on the inflation data and US Federal Reserve Chairman Jerome Powell’s testimony later in the week for more clues on the economic recovery from the pandemic.

Japan225 was up 2.27%.

HongKong45 traded 0.86% higher.

Down under, Australia200 rose 0.90% despite reporting its most significant daily rise in COVID-19 cases this year due to the spread of Delta variant in Sydney.

Europe

Stocks ended lower, with investors starting an eventful week on a cautious note. Moreover, European Central Bank President Christine Lagarde announced that the bank would update its guidance on monetary stimulus at its next meeting. Germany30 traded 0.2% lower. France40 and UK100 each lost 0.7%.

Brent oil fell 0.9% to $74.88 a barrel.

EUR/USD traded 0.1% higher at 1.1877.

Sources: investing.com, reuters.com

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