BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Citi Sets Bullish 2026 Target for STOXX 600 as Fiscal Support and Monetary Easing Boost Outlook 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Asia’s IPO Market Set for Strong Growth as China and India Drive Investor Diversification 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
The British pound sterling curved a new 31 year low against the dollar today during the Asian trading hours as the pound dropped to 1.278, a low not seen since 1985. Investors are increasingly becoming nervous as post-referendum cracks have started appearing.
- Property stocks and share prices of Real Estate Investment Trusts (REITs) have declined sharply post-referendum and their recovery compared to the broader market have been bleak. Three major property trusts, Standard Life, M&A, and Aviva have halted withdrawal of clients’ money due to liquidity pressures.
- Reports from Markit economics show that PMIs for construction, manufacturing, and services have declined to multi-year low in June.
- Today another report shows that new car registrations in the UK declined in June as it dropped to -0.8 percent from a year back. This is first such decline since October.
- According to YouGov and Center for Economics and Business Research, business pessimism has almost doubled since the referendum.
- BRC shop price index declined 2 percent from a year back. Food prices suffered biggest decline in at least a year.
We expect, major impact of the referendum will be visible in July as the referendum was held in late June.
