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Five Things You Need to Know to Start Your Day

Five Things You Need to Know to Start Your Day

(Bloomberg) --

Good morning. It’s all about those central banks again today, while there’s also been some surprisingly decent data on the U.K. housing market, Asian stocks are climbing despite a big row between two of the region’s most influential nations, and Bitcoin is still just being Bitcoin. Here’s what’s moving markets.

Central Bankers Everywhere

Central bank excitement rumbles on with Federal Reserve Chairman Jerome Powell taking his testimony to Congress into its second day after providing further hints at an impending rate cut on Wednesday. Meanwhile, the ECB publishes an account of its June 5-6 policy meeting, with most economists expecting more stimulus to be announced by September at the latest. And finally, Bank of England Governor Mark Carney is also speaking, at the publication of a semi-annual report on the stability of the U.K. financial system.

Happy Homes

Good news on the U.K. housing market deserves to be celebrated these days: There was an increase in new buyers last month for the first time since November 2016, according to the Royal Institution of Chartered Surveyors, which reckons there’s several signs of stabilization worth noting. Sales and new instructions started to pick up for the first time this year in June, and a gauge of prices indicated stagnation after four months of declines. Watch British homebuilder stocks this morning. 

3,000

The S&P 500 broke above 3,000 for the first time ever on Wednesday, settling just below that level at the close. Asian stocks climbed as the region reacted to those Powell remarks and minutes from the Fed’s June meeting that confirmed an inclination among officials to ease policy soon. However, investors in the region remain somewhat cautious over the ongoing Japan-South Korea spat, with no easy exit in sight. Back in Europe, tech investors should be aware of France’s latest taxation plans.

Bitcoin Being Bitcoin

Bitcoin won’t give us a break. Yesterday we thought the bulls may finally be back in control as the digital currency neared three days of gains, but that rise has been lost since late yesterday afternoon as it tumbled 8%. While that is nowhere near a record slump for the coin, it might pour some cold water on hopes of a near-term rebound that was attributed to an upswing in mainstream institutional interest, including news that Goldman Sachs Group Inc. is bolstering its team working on new digital-asset services.

Coming Up...

An important measure of U.S. inflation is expected to show a slowdown in consumer price growth in June. Meanwhile, some emerging market currency traders will be watching out for South Africa manufacturing production statistics and the latest Turkish current account balance, while energy investors await OPEC’s latest monthly report. Serena Williams takes part in her twelfth Wimbledon semi-final later.  

What We’ve Been Reading

This is what’s caught our eye over the past 24 hours.

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

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