{"id":3364,"date":"2022-06-29T10:20:48","date_gmt":"2022-06-29T10:20:48","guid":{"rendered":"http:\/\/www.wealthatwork.co.uk\/jpm\/?p=3364"},"modified":"2022-06-29T10:20:48","modified_gmt":"2022-06-29T10:20:48","slug":"market-update-29th-june-2022","status":"publish","type":"post","link":"https:\/\/www2.wealthatwork.co.uk\/jpm\/2022\/06\/29\/market-update-29th-june-2022\/","title":{"rendered":"Market update \u2013 29th June 2022."},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column][vc_empty_space][vc_raw_html]JTNDaWZyYW1lJTIwc3JjJTNEJTIyaHR0cHMlM0ElMkYlMkZwbGF5ZXIudmltZW8uY29tJTJGdmlkZW8lMkY3MjUyMTIzNzUlM0ZoJTNEZTVhYjE2OGY3NCUyMiUyMHdpZHRoJTNEJTIyODQwJTIyJTIwaGVpZ2h0JTNEJTIyNDcyLjUlMjIlMjBmcmFtZWJvcmRlciUzRCUyMjAlMjIlMjBhbGxvdyUzRCUyMmF1dG9wbGF5JTNCJTIwZnVsbHNjcmVlbiUzQiUyMHBpY3R1cmUtaW4tcGljdHVyZSUyMiUyMGFsbG93ZnVsbHNjcmVlbiUzRSUzQyUyRmlmcmFtZSUzRQ==[\/vc_raw_html][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Following on from last week\u2019s bounce, many key markets kept up their positive momentum into this week.<\/p>\n<p>China cut its quarantine requirements for travellers, with its quarantine period slashed to 7 days in a government-run facility (previously 14), followed by 3 days isolation at home (previously 7). This has provided some optimism for markets, investors and Chinese companies.<\/p>\n<p>Whilst this type of boost to markets is nice, it is important to look beyond short-term noise (just as we do when we see short-term market dips) and understand what this means for the long-term outlook: this reduction in the traveller quarantine period will make the country more attractive to visitors and is further evidence of China reopening, a key catalyst that should help to release pent up demand and valuations in China.<\/p>\n<p>Earlier in the week, Russia missed its bond payment deadline, indicating a potential default on debt repayments. Whilst this wasn\u2019t a shock (economic sanctions against the country removed the ability for bond payments), nor was it market moving, it is significant given that Russia hasn\u2019t defaulted on foreign debt since 1918.<\/p>\n<p>This came as G7 leaders met for a three-day summit, whereby talk of Russia dominated the agenda. The leaders reaffirmed their commitment \u201cto phase out [our] dependency on Russian energy\u201d. The group of nations are comprising a plan to place a cap on Russian oil and gas prices.<\/p>\n<p>And lastly, as inflation weighs on the cost of living in the US, US consumer confidence came in lower than expected at 98.7. A decrease in this reading suggests a decrease in demand is on the horizon, which will help to ease inflation.<\/p>\n<p>Later today, at a European Central Bank (ECB) event, we will hear from ECB President Christine Lagarde, Bank of England Governor Andrew Bailey, and Federal Reserve Chair Jay Powell.<\/p>\n<p><strong>Hannah Owen, Portfolio Specialist.<\/strong>[\/vc_column_text][\/vc_column][\/vc_row]\n  <\/div> ","protected":false},"excerpt":{"rendered":"<p>Following on from last week\u2019s bounce, many key markets kept up their positive momentum into this week. <\/p>\n","protected":false},"author":1,"featured_media":3367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/posts\/3364"}],"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=3364"}],"version-history":[{"count":1,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/posts\/3364\/revisions"}],"predecessor-version":[{"id":3366,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/posts\/3364\/revisions\/3366"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/media\/3367"}],"wp:attachment":[{"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/media?parent=3364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/categories?post=3364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.wealthatwork.co.uk\/jpm\/wp-json\/wp\/v2\/tags?post=3364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}