United States

Early trials of numerous covid vaccines showing positive results, coupled with a slight slowdown in the spread of the second wave in the US, the S&P 500 hit a new record high during the week. However, triggered by poor employment data, investors became more concerned about a slowdown in economic recovery. US equities fell on Thursday, wiping out gains over the past few days. The total number of covid cases worldwide has exceeded 15.5 million, of which the US accounted for more than 4 million. Trump even announced the cancellation of the Republican Party conference in Florida. In terms of data, the number of jobless claims in the US unexpectedly increased to 1.416 million, above the market expected figure of 1.3 million, this news had a negative impact on the stock market. Next week, the US will hold an interest rate meeting. The preliminary 2020 Q2 GDP will also be announced, market expects a QoQ decline of 34% annualised.

Europe

European stock markets have not seen much movement in the past few days. The UK, French, and German stock markets just fluctuated over the past 5 days ending Thursday. Earlier, EU leaders finally reached an agreement over the 750 billion Euro Recovery Fund. This fund consists of grants totalling 390 billion euros and an additional 360 billion euros in low-interest loans. In terms of economic data, the Eurozone consumer confidence index in July unexpectedly fell to negative 15, lower than the June figure of negative 14.7, the market originally expected it to further improve to the negative 12 level. Next week, Europe will announce the 2020 Q2 GDP, June unemployment data, and the July consumer price index.

China

Sino-US relations grew tenser by the day, gradually reversing the market's optimistic sentiment. The Shanghai and Shenzhen stock markets went down on Friday and erased gains over the week. The CSI 300 Index fell by 0.86% this week; the Hang Seng Index also recorded a 1.53% decline. The Hang Seng Indexes Company announced earlier that the new Hang Seng TECH Index, described by many as the "Hong Kong NASDAQ", will be launched on July 27, the announcement pushed the related technology stocks up. However, as tensions build between China and the US, market sentiment deteriorated, and the overall stock market fell. China will release data on June industrial profits, and the official manufacturing PMI in July next week.