Fundamental analytics

Daily News - China's manufacturing sector activity continues to recover

1. China's manufacturing sector PMI rose to 50.9 points
2. China has limited the issuance of visas to US citizens
3. Powell: activity recovers faster than expected

China's manufacturing sector PMI rose to its highest level in three months. In June, the figure was 50.9 points, compared to 50.6 a month earlier. For the fourth month in a row, the indicator is above 50, which indicates an increase in activity in the key sector of the Chinese economy. Experts attribute the growth of the indicator to the gradual restoration of domestic and external demand.
The Chinese authorities decided to limit the issuance of visas to US citizens who are involved in interference in the country's internal affairs, in particular the situation around Hong Kong. The Chinese Foreign Ministry said that these actions are a response to US threats to impose sanctions on companies and individuals who are involved in restricting Hong Kong's autonomy. Experts expect another aggravation of the conflict between Beijing and Washington.
The day before, Fed Chairman Jerome Powell said that the recovery in activity is slightly faster than previously expected. Consumer spending and recruitment rates are increasing. At the same time, Powell noted that the weakening of quarantine measures led not only to the recovery of the economy, but also to an increase in the number of cases of COVID-19. Later today, Jerome Powell and US Treasury Secretary Steven Mnuchin will address the US House of Representatives Financial Services Committee. Officials will report on the implementation of previously approved economic stimulus measures.

News to pay attention today:
14:00 GMT. US: CB Consumer Confidence Index
16:30 GMT. USA: speech by Fed head Powell in Congress

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