News

Golden Ten Data reported on July 3 that Philip Wee, Senior FX Strategist at DBS Group Research, stated in a commentary that Japan may be adopting a new foreign exchange (FX) intervention strategy. There are rumors that the Japanese Ministry of Finance may be shifting to covert, unannounced FX interventions. Wee noted that, with liquidity thin in the US bond and equity markets due to the Independence Day holiday today, such interventions could increase market volatility. He also pointed out that Japan's new strategy appears aimed at shifting market sentiment from skepticism to caution.

Jinse Finance reported that on July 3, ARK Invest founder and CEO Cathie Wood stated in this month's "In The Know" program that the June non-farm payroll report was full of recession signals, but she does not agree. "If you look at this employment report alone, you would think the US is already in a recession." Although household employment dropped by about 500,000 people and non-farm payrolls increased by only half of market expectations, Cathie Wood believes that the real problem is not the US economy itself, but the economic data. Cathie Wood interpreted five key reform priorities for the Federal Reserve, as proposed by former Fed governor candidate Kevin Warsh, including: reducing market noise caused by frequent public speeches from Fed officials; using private institution data to cross-verify potentially biased government statistics; and promoting enhanced policy transparency and decision-making efficiency at the Fed.Cathie Wood also stated that Trueflation’s real-time data shows the current overall inflation rate in the US is only 1.75%, less than half of the official 4.2% CPI data. This means the 10-year US Treasury yield might decline further; the current performance of the yield curve is very similar to that during the Industrial Revolution, reflecting that the market is already sensing the risk of deflation.

Golden Finance July 3rd｜Morgan Stanley lowered the target price of Constellation Brands from $183 to $158, while maintaining an “Equal-weight” rating. This decision is based on concerns over structural headwinds in alcohol consumption and the maturing prospects of its product portfolio at a higher market share level.