{"id":2029,"date":"2020-07-10T11:13:06","date_gmt":"2020-07-10T11:13:06","guid":{"rendered":"http:\/\/www.wealthatwork.co.uk\/jpm\/?p=2029"},"modified":"2020-11-18T09:39:00","modified_gmt":"2020-11-18T09:39:00","slug":"market-update-10th-july-2020","status":"publish","type":"post","link":"https:\/\/www2.wealthatwork.co.uk\/jpm\/2020\/07\/10\/market-update-10th-july-2020\/","title":{"rendered":"Market Update \u2013 10th July 2020"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\">\n<div class=\"wpb_column vc_column_container vc_col-sm-12\">\n<div class=\"vc_column-inner \">\n<div class=\"wpb_wrapper\">\n<div class=\"wpb_raw_code wpb_content_element wpb_raw_html\">\n<div class=\"wpb_wrapper\"><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/OmtdnX2O6GY?rel=0&amp;wmode=transparent\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"vc_row wpb_row vc_row-fluid\">\n<div class=\"wpb_column vc_column_container vc_col-sm-12\">\n<div class=\"vc_column-inner \">\n<div class=\"wpb_wrapper\">\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<p>Yesterday\u2019s (Thursday 9 July 2020) important data release was the weekly US jobless claims:\u00a0 both the initial and continuing claims not only continued to decline (to 1.314m and 18.062m respectively), but both came in better than consensus expectations \u2013 this is not only positive, but also suggests that we aren\u2019t seeing a big impact from the recent increase in coronavirus cases and resulting localised lockdowns.\u00a0 Additionally, the prior week\u2019s data was revised lower (which is also positive news):\u00a0 initial claims were revised down 14,000 to 1.413m and continuing claims by 530,000 to 18.76m.<\/p>\n<p>Although 23 states did report an increase in jobless claims, as with previous weeks, there wasn\u2019t a particular pattern.\u00a0 For example, of the coronavirus hotspots, Texas did see jobless claims increase; Arizona was effectively flat; while California, Florida and Georgia all saw jobless claims fall.<\/p>\n<p>While the data came in better than consensus estimates, it unfortunately wasn\u2019t good enough to get equity markets excited:\u00a0 not only are 18m Americans still continuing to claim benefits, but US coronavirus infections continue to climb \u2013 and markets are obviously worried that this may undermine the economic recovery as businesses slow their reopening plans.<\/p>\n<p>As we have previously said, we believe coronavirus deaths give a clearer guide than infection rates as there is a clear dichotomy opening up between new cases and deaths.\u00a0 This is because the average age of those infected is dropping (i.e. more younger people are being infected).\u00a0 In fact, the White House health advisor, Anthony Fauci, has said that the average age of US coronavirus patients has dropped by 15 years \u2013 and if this continues, we don\u2019t believe it will lead to new shutdowns or slow the economic recovery.<\/p>\n<p>Last night\u2019s negative sentiment which saw both the Dow Jones and the S&amp;P 500 close lower (1.39% and 0.56% respectively), has continued into today.\u00a0 In China, the CSI 300\u2019s 8 day rally ended, with the index losing 1.81%, while in the UK, the FTSE-100 is currently down just over 10 points, or 0.20%.<\/p>\n<p><strong>Investment Management Team<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n  <\/div> ","protected":false},"excerpt":{"rendered":"<p>Yesterday\u2019s (Thursday 9 July 2020) important data release was the weekly US jobless claims:\u00a0 both the initial and continuing claims not only continued to decline (to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/posts\/2029"}],"collection":[{"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/comments?post=2029"}],"version-history":[{"count":2,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/posts\/2029\/revisions"}],"predecessor-version":[{"id":2154,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/posts\/2029\/revisions\/2154"}],"wp:attachment":[{"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/media?parent=2029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/categories?post=2029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/tags?post=2029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}