Some interesting action on global markets overnight.
All European markets were up.
The FTSE rose 29 points (.36%), the DAX rose 127 points (.69%) and the CAC rose 53 points (.71%).
The UK economy grew by .4% in May (expectations were for a .2% rise).
US markets were mixed with some interesting trends.
The DOW rose by 32 points (.082%), the NBI surged 104 points (2.25%), the NASDAQ Composite crashed 364 points (1.95%) and the Russell small cap index also surged ad rose 73 points (3.57%).
Of note is the drop in the NASDAQ which is now viewed as over hyped and overvalued. Be interesting to see if the overnight correction continues.
The Russell small cap index has been flat this year but saw a huge rise overnight - this could indicate that there is renewed interest in stocks and small caps tend to be more affected by official interest rate moves. Signs that there will be an earlier than expected interest rate cut is helping the small caps.
Great to see the very positive move in the NBI and, hopefully, this could flow on into the ASX biotech sector.
US CPI data fell to .3% in June down from 3.3% in May - expectations were for 3.1%.
US new jobless claims fell by 17k to 222k (expectations were for 236K).
US unemployment is at 41% in June - up from 4% in May.
Economists in the US are now fixed on an interest rate cut in September.
US Treasury 10 year bond yield has slipped to 4.206% - another good sign for the return to stocks.
Oil price is steady - Brent crude sits at US$85.67 per barrel.
The gold price surged overnight - a sign of more volatility. Current price is at $US$2,414 per oz - a new record for gold.
BITCOIN is sitting at US$57,515.
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