Worldwide coronavirus cases surpases 10.785M with over 517,000 deaths officially reported.
Safe Haven buying midweek was replaced by optimism with positive news out of the US with a trifecta of economic releases. Manufacturing for June bounced higher than expected from 43.1 to 52.6 as the industry formally entered expansionary territory- given it is back above the 50 breakeven threshold. The rise was the largest rise since August 1980. New manufacturing orders were sharply higher along with production increasing from 33 pts to 57.2. Jobs data surged as US firms added more than 2.37M jobs to the economy in June. This is a turnaround from May’s upwardly revised job losses of -3.065M as companies continue to re employ workers and the economy slowly comes back online. US equity markets rebounded with the Nasdaq hitting a record high of 10197 up 1% as news broke that Covid-19 vaccines by companies BioNTech and Pfizer were making progress. Both companies and their experimental vaccines have generated neutralizing antibodies at a higher rate than other placebo receivers recovering from the coronavirus infection. FDA’s guidelines for vaccine development suggest a long road before a vaccine is widely available.
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