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-- 119.160 [Morning Report] President Biden tests positive for COVID-19, the dollar-yen rate drops below 155 yen
![[Morning Report] President Biden tests positive for COVID-19, the dollar-yen rate drops below 155 yen](https://sgsnsimg.moomoo.com/sns_client_feed/181250687/20240718/f0338fb80d54fbef7e472a9e4a997a20.png/big?area=105&is_public=true)
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Here are the key points of the early morning report today.
●[Tokyo Stock Market Forecast Range] 0.04 million yen-0.045 million yen (as of the 17th, closing at 0.04109 million yen 69 sen).
●President Biden tests positive for COVID-19.
●Dollar selling intensifies, pushing the dollar/yen pair down to the 155 yen level.
●US economic activity shows signs of softening, according to Beige Book.
●The Federal Reserve is getting closer to a rate cut, says Director Waller.
●SOX index significantly drops, ASML Holding and Applied Materials decline.
Acceleration of selling TSMC shares, considering President Trump's remarks about Taiwan as a catalyst.
US housing starts increased by 3% compared to the previous month, exceeding expectations.
Moomoo News - Kathy
●[Tokyo Stock Market Forecast Range] 0.04 million yen-0.045 million yen (as of the 17th, closing at 0.04109 million yen 69 sen).
●President Biden tests positive for COVID-19.
●Dollar selling intensifies, pushing the dollar/yen pair down to the 155 yen level.
●US economic activity shows signs of softening, according to Beige Book.
●The Federal Reserve is getting closer to a rate cut, says Director Waller.
●SOX index significantly drops, ASML Holding and Applied Materials decline.
Acceleration of selling TSMC shares, considering President Trump's remarks about Taiwan as a catalyst.
US housing starts increased by 3% compared to the previous month, exceeding expectations.
Moomoo News - Kathy
Market Overview
In the US stock market on the 17th, the Dow Jones Industrial Average continued to rise for the 6th consecutive day, closing 243.60 cents higher at $1,198.08. The Nasdaq Composite Index fell 512.415 points to 17,996.925. It is expected that the Tokyo stock market on the 18th will see a widespread sell-off centered around major stocks, leading to a significant decline in the Nikkei Average.
In the US stock market on the 17th, the Dow Jones Industrial Average continued to rise for the 6th consecutive day, closing 243.60 cents higher at $1,198.08. The Nasdaq Composite Index fell 512.415 points to 17,996.925. It is expected that the Tokyo stock market on the 18th will see a widespread sell-off centered around major stocks, leading to a significant decline in the Nikkei Average.
Top News
President Biden tested positive for COVID-19.
Janet Murguía, Chair of UnidosUS, a Hispanic advocacy group, revealed on the 17th that President Joe Biden had tested positive for COVID-19. She received a phone call from Biden, who had planned to give a speech at an UnidosUS event in the afternoon, informing her of the positive test result.
Related articles: 65% of Democratic Party supporters are calling for Biden to withdraw = survey.
President Biden tested positive for COVID-19.
Janet Murguía, Chair of UnidosUS, a Hispanic advocacy group, revealed on the 17th that President Joe Biden had tested positive for COVID-19. She received a phone call from Biden, who had planned to give a speech at an UnidosUS event in the afternoon, informing her of the positive test result.
Related articles: 65% of Democratic Party supporters are calling for Biden to withdraw = survey.
The yen is around 156 yen against the dollar, the yen selling continues, reaching a one-month high.
In the morning of the 18th, the yen exchange rate in the Tokyo foreign exchange market has risen significantly from the previous evening to around 156 yen to the dollar, updating a high for the first time in about a month. The unwinding of yen selling positions continues, triggered by an interview article of Taro Kono, the Minister of Digital, urging the Bank of Japan to raise interest rates to correct the depreciation of the yen.
In the morning of the 18th, the yen exchange rate in the Tokyo foreign exchange market has risen significantly from the previous evening to around 156 yen to the dollar, updating a high for the first time in about a month. The unwinding of yen selling positions continues, triggered by an interview article of Taro Kono, the Minister of Digital, urging the Bank of Japan to raise interest rates to correct the depreciation of the yen.
US economic activity shows a softening trend = Beige Book.
The Federal Reserve Board (FRB) pointed out in the economic report of the district banks (Beige Book) released on the 17th that economic activity seems to have softened over the past 2 months. Out of the 12 district banks, 5 reported that economic activity was flat or decelerating, an increase of 3 banks from the previous survey in May.
The Federal Reserve Board (FRB) pointed out in the economic report of the district banks (Beige Book) released on the 17th that economic activity seems to have softened over the past 2 months. Out of the 12 district banks, 5 reported that economic activity was flat or decelerating, an increase of 3 banks from the previous survey in May.
FRB, "approaching" rate cut = Director Waller.
Christopher Waller, a director of the Federal Reserve Board (FRB), hinted on the 17th that the FRB may reduce the policy interest rate as early as September to maximize the possibility of achieving a soft landing for the economy.
Christopher Waller, a director of the Federal Reserve Board (FRB), hinted on the 17th that the FRB may reduce the policy interest rate as early as September to maximize the possibility of achieving a soft landing for the economy.
The SOX index fell sharply, with ASML Holding and Applied Materials declining.
The Philadelphia Semiconductor Index (SOX) fell sharply. There was concern over the Biden administration's further tightening of semiconductor exports to China, as well as the deteriorating relationship between the United States and China due to statements from Republican presidential candidate Trump. There was also concern about the uncertainty of the relationship with Taiwan, causing a significant decline.
The Philadelphia Semiconductor Index (SOX) fell sharply. There was concern over the Biden administration's further tightening of semiconductor exports to China, as well as the deteriorating relationship between the United States and China due to statements from Republican presidential candidate Trump. There was also concern about the uncertainty of the relationship with Taiwan, causing a significant decline.
Selling pressure on TSMC shares intensified due to Trump's comments on Taiwan.
Former US President Donald Trump claimed in an interview with Bloomberg Businessweek magazine published on the 16th that Taiwan has taken away almost all of the semiconductor production business from the United States and said that Taiwan should pay defense costs to the United States.
Former US President Donald Trump claimed in an interview with Bloomberg Businessweek magazine published on the 16th that Taiwan has taken away almost all of the semiconductor production business from the United States and said that Taiwan should pay defense costs to the United States.
US housing starts increased by 3% in June, surpassing expectations.
The number of housing starts in June (seasonally adjusted, annualized) announced by the US Department of Commerce on the 17th was 1.35 million units, an increase of 3.0% from the previous month. It indicated a growing expectation of lower mortgage rates in the market.
Related articles: US industrial production increased by 0.6% in June, marking two consecutive months of growth.
The number of housing starts in June (seasonally adjusted, annualized) announced by the US Department of Commerce on the 17th was 1.35 million units, an increase of 3.0% from the previous month. It indicated a growing expectation of lower mortgage rates in the market.
Related articles: US industrial production increased by 0.6% in June, marking two consecutive months of growth.
Tokyo Stock Market Outlook
18th stock market outlook: significant decline, cautious of further decline in semiconductor stocks.
18th stock market outlook: significant decline, cautious of further decline in semiconductor stocks.
foreign exchange
Key Market Events
![[Morning Report] President Biden tests positive for COVID-19, the dollar-yen rate drops below 155 yen](https://sgsnsimg.moomoo.com/sns_client_feed/181250687/20240718/4be0b098fa3145004550bdbe56443a0f.jpg/big?area=105&is_public=true)
Source: Dow Jones, MINKABU, Fisco, Bloomberg, Wealth Adviser, moomoo
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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