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U.S. Economy Shrinks by Record in Q2

Today’s Waves – 30th July

U.S. Economy Shrinks by Record in Q2

U.S. economy shrunk by the largest amount on record in Q2, with GDP contracting by 32.9% which is the largest since the great depression.

The move, although dire, was better than the 34.1% decline expected by analysts. As a result, the S&P500 dropped by 0.82%, falling to the recent 3,196 floor. The NASDAQ fell by 0.88%.

Tech Titans now Focus on Earnings, After Yesterday’s Testimony

On Wednesday U.S. lawmakers grilled the CEO’s of the country’s largest tech companies, in a Zoom hearing.

Today, attention now turns to the closing bell where Apple, Amazon, Facebook and Google will report their Q2 earnings.

As the above has highlighted, Q2 was the worst on record for the United States since the Great Depression.

Could this have a financial impact on big tech? Or will they remain unscathed?

German Inflation Lowest in 4 Years

The coronavirus crisis continues to impact the inflation rates of economies across the globe, today was the turn of Germany.

The European powerhouse reported that inflation for July was at -0.1%, which is the lowest reading in more than four years.

As a result of the news, the German DAX index fell to its lowest level since the beginning of July.

The DAX currently trades at 12,388 in the futures market.

Quote of the day: Losses are necessary, as long as they are associated with a technique to help you learn from them

David Sikhosana

Biggest Bull

GBPUSD: Cable today awoke from a brief consolidation at the 1.296 level to rally to a daily high of 1.30728. Could this be heading to the 1.32 resistance?

Source: Tradeview MT4

Biggest Bear

GDAXI (futures): DAX futures fell today on the news that Europe’s largest economy saw inflation fall to its lowest level in 4 years. The decline saw prices hit a 4-week low.

Source: Tradeview MT4