Strong data released by the United States yesterday, coupled with China's continued increase in fiscal stimulus measures, led to general gains in stock markets and cryptocurrencies. The S&P 500 Index has hit 42 all-time highs this year, gold has also risen again, approaching the $2,700 mark, Bitcoin has reached 65K, and the ten largest market capitalization cryptocurrencies have risen simultaneously.
( Gold continues to hit new highs, and the market value of gold stablecoins reaches US$1.1 billion )
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ToggleU.S. economic data is strong, Yellen: heading for a soft landing
Weekly U.S. jobless claims fell 4,000 to a four-month low of 218,000, below economists' forecast of 225,000.
Other reports showed second-quarter corporate profits grew more strongly than initially expected, while second-quarter gross domestic product (GDP) grew 3%.
Many U.S. central bank officials spoke on Thursday, but several, including Fed Chairman Jerome Powell, declined to comment on monetary policy
U.S. Treasury Secretary Yellen said that labor market and inflation data show that the U.S. economy is on the road to a "soft landing," but the last mile to curb inflation revolves around lowering housing costs.
China will push for more fiscal stimulus
Chinese leader Xi Jinping pledged on Thursday to push for a 5% economic growth target by 2024 and stem a slide in the property market. According to Reuters , under the guidance of top leadership, the Treasury Department and various government agencies have been formulating fiscal stimulus measures in recent weeks to revive the economy. In addition to issuing special sovereign debt to support consumption, Chinese authorities also plan to increase financial support for small and medium-sized enterprises in stages, such as employment subsidies and tax exemptions to reduce their operating costs.
Morgan Stanley expects China to provide more fiscal support for housing and social welfare spending in the coming months.
This is not an "at all costs" moment, but it shows that Beijing is taking deflation seriously and exploring all options.
Cryptocurrencies generally rise, Bitcoin stands at 65K
As market optimism spreads, cryptocurrencies have also seen a general rise. Bitcoin stands at 65K, and BNB is also close to the $600 mark.
