Uncertainty dominates markets but China data improves... Brexit could be a boost for North American tech sector...
Uncertainty dominates markets but China data improves
Uncertainty dominates the markets Tuesday with European indexes focused on Brexit while Australia weighs the political uncertainty of its inconclusive election.
In Asia, markets closed mostly lower with no lead from Wall Street, closed Monday for Independence Day. The Australian central bank announced a hold on interest rates and no change from monetary policy and Japan’s equities were down more than 0.50 per cent.
China’s stocks gained though as the Caixin services PMI showed improvement in June, in fact the fastest pace of growth in almost a year.
European bourses are lower as UK business sentiment dips, as shown by PMI figures and a recent survey; and Italian banks weigh heavily over concern about their debt levels.
Oil prices have continued to decline, having reversed their rally in the previous session, on concern over the global economy.
Wall Street and Toronto are expected to open lower.
Brexit could be a boost for North American tech sector
A venture capitalist in the UK believes that Brexit could prompt young start-ups to relocate in North America for “relative stability”. New York based ff Venture Capital’s founding partner John Frankel told CNBC that the tech sector gains opportunity during an economic slowdown by “freeing up talent to explore ideas.” This could mean tech entrepreneurs leaving the UK to set up in Silicon Valley or Canada’s burgeoning tech environment.
Uncertainty dominates the markets Tuesday with European indexes focused on Brexit while Australia weighs the political uncertainty of its inconclusive election.
In Asia, markets closed mostly lower with no lead from Wall Street, closed Monday for Independence Day. The Australian central bank announced a hold on interest rates and no change from monetary policy and Japan’s equities were down more than 0.50 per cent.
China’s stocks gained though as the Caixin services PMI showed improvement in June, in fact the fastest pace of growth in almost a year.
European bourses are lower as UK business sentiment dips, as shown by PMI figures and a recent survey; and Italian banks weigh heavily over concern about their debt levels.
Oil prices have continued to decline, having reversed their rally in the previous session, on concern over the global economy.
Wall Street and Toronto are expected to open lower.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 17,949.37 (+0.11 per cent) | +0.80 per cent | +1.24 per cent |
| TSX Composite | 14,258.87 (+1.38 per cent) | +0.23 per cent | -2.88 per cent |
| Europe (at 4.30am ET) |
|||
| UK FTSE | 6,479.92 (-0.65 per cent) | +4.35 per cent | -1.61 per cent |
| German DAX | 9,586.61 (-1.26 per cent) | -5.11 per cent | -13.31 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,207.38 (+0.08 per cent) | +0.57 per cent | -17.46 per cent |
| Japan Nikkei | 15,669.33 (-0.67 per cent) | -5.85 per cent | -23.71 per cent |
| Other Data (at 4.30am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 48.96 (-2.28 per cent) |
47.62 (-2.80 per cent) |
1347.30 (+0.62 per cent) |
U$0.7772 |
| Aus. Dollar |
|||
| U$0.7523 | |||
Brexit could be a boost for North American tech sector
A venture capitalist in the UK believes that Brexit could prompt young start-ups to relocate in North America for “relative stability”. New York based ff Venture Capital’s founding partner John Frankel told CNBC that the tech sector gains opportunity during an economic slowdown by “freeing up talent to explore ideas.” This could mean tech entrepreneurs leaving the UK to set up in Silicon Valley or Canada’s burgeoning tech environment.
