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Market Recap – Equities strengthened

Friday, July 19, 2019 11:09 AM GMT

Beginning with the Asian session, a significant rally is taking place in equities markets. During the writing of this recap, the Japanese Nikkei225 futures are recording a 1.0% increase since yesterday’s close, the Chinese 50 index at +1.25% , the German Dax30 futures at +0.38%, the UK FTSE100 at +0.62% and the US S&P500 at +0.13%.

On Sunday, the Japanese are electing their upper house. Shinzo Abe’s Liberal Democratic Party is set to win 75 out 124 seats. The revision of Article 9 of Japan’s constitution is on the agenda. Article 9 currently forbids Japan from maintaining an army, navy and air force, other than maintaining some forces necessary for self-defense. Yet, it should be noted that Japan is already spending 1% of its GDP on defense. The revision is supported by the USA and is disapproved by China, South Korea and North Korea.

Ukraine is also having parliamentary elections following the Presidential win by the former comedian Volodymyr Zelenskiy.

At the Persian gulf, Iran reported that last Sunday they have seized a foreign tanker for smuggling fuel. The USA reported that they have downed an Iranian drone.

Microsoft’s earnings beat expectations reporting 12% revenue increase, a double digit increase for 9 consecutive quarters. Worth mentioning the 19% revenue increase from the cloud ($11.4bn during 2Q19).

Macro releases: No significant market moving announcements are expected today.

Disclaimer

The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of Zulutrade and do not constitute an offer or invitation to anyone to invest or trade.

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