Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Weekly Market Update

By Antonio FerlitoMarket OverviewJun 30, 2021 03:17AM ET
Weekly Market Update
By Antonio Ferlito   |  Jun 30, 2021 03:17AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items


Over the past week, Asia has been recovering. The Hang Seng gained 1.8%, the Shanghai Composite 2.3% but the Nikkei recorded a weekly performance of only 0.3%.

In Europe, green dominates. The CAC40 recovered 0.8%, the Dax also gained 0.8% and the Footsie 1.6%. Regarding the peripheral countries of the euro zone, Spain and Portugal are somewhat behind, with gains of only 0.5% and 0.2% while Italy is up 0.9%.

In the US, the NASDAQ 100 and S&P500 continued their record-breaking run, with gains of 2.3 and 2.7%. The Dow Jones is still 2% off its previous highs from May 10, but is up 3.3% over the past five days.


It is time for consolidation on oil markets, which are catching their breath after a long and powerful bullish rally. The US benchmark is trading at its highest level of the year, above USD 73, as is Brent at USD 75 per barrel. It seems that the bullish fuel is running out to carry prices higher. As a result, traders are limiting their moves as they await the next OPEC+ meeting on Thursday to decide on production levels.

Precious metals are regaining some height. The gold metal is struggling to regain positive momentum despite an easing in US 10-year real rates and is trading around USD 1,785 per ounce.

The base metals segment had a bullish week, despite China's attempts to mitigate the upward pressure on prices. Beijing did decide to sell off some of its strategic reserves in order to control price inflation, but this probably did not have the desired effect, as markets were expecting much more drastic measures. Copper is trading near USD 9,300.

In agricultural commodities, corn, which is trading at USD 653 per bushel in Chicago, is back on the upswing as China's appetite for imports increases significantly. On the other hand, lumber is on a new week of decline, as supply is quickly adjusting to demand.

Foreign exchange market

The euro rallied a bit against the dollar to USD 1.1939, after breaking the USD 1.19 threshold after the Fed meeting last week. Good European data, both in the German Ifo and June flash PMI indicators, fueled the rise, but failed to lift the single currency above USD 1.1950. The British pound lost ground against the euro last week, at GBP 0.858 per EUR, as the Bank of England, while acknowledging a stronger British economy, gave no signs of tightening monetary policy.

Earlier signals suggested that the central bank was going to be a little firmer. A few words on the Mexican peso, which gained ground against the dollar after the Bank of Mexico decided to raise its key interest rate from 4 to 4.25%, in an attempt to counter inflation of 6%, well above the upper limit that the BoM is willing to grant itself, even on a transitory basis (i.e. 4%). The USD is trading at MXN 19.811.

Weekly Market Update

Related Articles

Michael Kramer
Are U.S. Stocks Grossly Overvalued? By Michael Kramer - Sep 17, 2021 9

This article was written exclusively for have had a fantastic run over the past 18 months. It seems that many investors owe much of the credit to low-interest...

Weekly Market Update

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email