Chinese bank lending jumped less than expected in June while some key money gauges hit fresh record lows, highlighting weak demand in the world’s second-largest economy as the country’s top leaders prepare to meet to lay out longer-term policy goals.
The dollar steadied against a basket of currencies on Friday after softer-than-expected inflation data saw the greenback sink to one-month lows, amid increased bets that the Federal Reserve will cut interest rates in September.
The market, however, is still awaiting clearer signs of action. While Fed Chair Jerome Powell acknowledged the recent improving trend in price pressures, he told lawmakers that more data was needed to strengthen the case for rate cuts.
In a recent report, JPMorgan announced that a new Bitcoin rally is expected in August. The analysts of the renowned bank are optimistic that the recent phase of correction will soon come to an end and the market can recover. Despite the recent significant setbacks, the banking giant sees light at the end of the tunnel.
U.S. companies releasing quarterly results in the coming weeks face investors who expect no less than stellar growth, with estimates particularly high for Wall Street technology heavyweights such as Nvidia (NASDAQ:NVDA) and Microsoft (NASDAQ:MSFT).
