While Wall Street traders took a break on Friday for an extended July 4 holiday, in Europe business was brisk with the Eurostoxx 50 up 0.8%.<\/p>\n
Across the week, most markets made gains. China was an exception:<\/p>\n
Eurozone: +2.7%MSCI (global index): +2.0%US: +1.8%Australia: +0.9%Japan: +0.6%China: -0.5%<\/p>\n
While European shares hit a record high on Friday, US stocks remain below their peak as the rotation out of tech stocks rolls on.<\/p>\n
“The US share market remains below its recent record high. This partly reflects another healthy rotation from tech to non-tech shares with the equal-weighted S&P 500 reaching new highs,” AMP’s Head of Investment Strategy Shane Oliver said.<\/p>\n
With US-Iran ceasefire holding, oil prices were little changed on Friday on low trading volumes.<\/p>\n
Brent crude futures: +0.2% to $US71.94\/barrelWTI crude futures: +0.1% to $US68.78\/barrel<\/p>\n
At those levels, oil prices are still a bit higher than they were when hostilities broke out in February.<\/p>\n
Tanker shipments through the Strait of Hormuz are recovering but still well down on pre-war levels.<\/p>\n
“The US-Iran dealmaking process remains fragile but continues for now, as the question of Strait of Hormuz tolls and administration remains contentious,” Citi analysts wrote in a weekend note.<\/p>\n
“We expect the MoU (memorandum of understanding) to hold, not because trust has suddenly emerged, but because the incentives to break are poor for both sides.”<\/p>\n
The US dollar edged down further after Thursday’s weak jobs data undermined the case for the Fed to raise rates.<\/p>\n
That in turn led the Australian dollar higher, back towards 69 US cents.<\/p>\n
Iron ore was higher on Friday, but slipped through the week, while copper and gold were supported by the US dollar’s fall.<\/p>\n","protected":false},"excerpt":{"rendered":"While Wall Street traders took a break on Friday for an extended July 4 holiday, in Europe business…\n","protected":false},"author":2,"featured_media":313130,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[2001,64,63,166,2009,99,2005,160,2010,2006,2002,1491],"class_list":["post-781489","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-asx","tag-au","tag-australia","tag-australian-dollar","tag-bitcoin","tag-business","tag-dow-jones","tag-live-blog","tag-live-update","tag-nyse","tag-share-market","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/781489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=781489"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/781489\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/313130"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=781489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=781489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=781489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}