In this week’s recap, we see that global stocks finished mostly higher, with the NASDAQ achieving a record high and the S&P 500 reaching a record close, as investors reacted favorably to President Biden agreeing to a roughly $1T infrastructure plan, in hopes it will further stimulate the economy. Asian shares rose further on Friday, tracking gains from the U.S. on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed +0.58%, & the Japanese Nikkei 225 jumped +0.7% in afternoon trading to above 29K, after President Biden announced a bipartisan deal on infrastructure spending. A recovery in the U.S. economy is a boon for this export-driven region.
Data firm IHS Markit said Wed. its flash U.S. manufacturing PMI rose to a reading of 62.6 in June. The highest since the survey was expanded to cover all manufacturing industries in October 2009 & followed a final reading of 62.1 in May. However, manufacturers are still struggling to secure raw materials & qualified workers, substantially raising prices for both businesses & consumers alike.
Bitcoin falls below $30K, Tues. morning for the 1st time since Jan. It dropped another -8% of the valuation, after falling some -10% yesterday. Bitcoin down -54% from its mid-April peak of $64,788.00, paring its 2021 gain to just +4.4% & its market cap down to $554.78B. There has been an overall drop of over -$1.3T in market value, for the broader crypto market since the peak in May.
Panasonic shares rise after selling all of its Tesla shares; U.S. manufacturing orders increased in May; BuzzFeed would go public with an implied value of $1.5 billion; Biden infrastructure bill boosts Caterpillar shares; California governor to face recall election; India is diversifying its oil imports; Canada extending travel restrictions until at least July 21; record heatwave set to hit Northwest; shutdown at Iran’s sole nuclear site (china nuclear as well).