The Tech‑heavy NASDAQ Index jumped by more than 3.3%. The offshore yuan is trading at its highest level since 2023

On Thursday, the US stock indices posted strong gains, fully recovering from the previous session’s slump. By the end of the day, the Dow Jones (US30) rose by 1.19%. The S&P 500 (US500) gained 1.66%. The Tech‑focused NASDAQ (US100) closed in positive territory, up 3.36%. The recovery was driven by a powerful surge in the semiconductor sector and strong corporate earnings, which outweighed concerns about inflation and the Federal Reserve leadership’s cautious tone.

The main engine of the market was Microsoft, whose shares soared by 15.5% amid a 43% jump in cloud‑services revenue. Chipmakers also rallied sharply as investors bought up assets that had fallen the day before: Sandisk surged 26%, Micron added 18.4%, AMD – 13% higher, and Intel – 11.3% up. Additional support for the tech sector came from Oracle shares, which rose 8.3% thanks to expanded cooperation with Google in the field of Gemini artificial intelligence. In the bond market, Treasury yields remained elevated amid weak Q2 GDP data and concerns that the absence of hawkish signals from Fed Chair Warsh regarding further rate hikes could prolong the period of high inflation.

By the end of the day, Germany’s DAX (DE40) rose by 0.60%, France’s CAC 40 (FR40) closed up 0.92%, Spain’s IBEX 35 (ES35) gained 1.78%, while the UK’s FTSE 100 (UK100) ended the session slightly lower at 0.10%. On Thursday, the German DAX 40 consolidated above 25,600 points, reaching its highest level since early July. The positive market dynamics were supported by strong macroeconomic data and a global rebound in semiconductor stocks. According to published figures, Germany’s economy grew by 0.2% in the first quarter, beating the 0.1% expectation, while annual inflation accelerated to 2.8% in July from 2.3% in June, also exceeding analysts’ expectations. However, the overall positive picture was clouded by sharp declines in other sectors. Adidas shares plunged 13% after the company warned that faster‑than‑expected cost growth would limit profit increases despite an improved revenue outlook. Airbus shares also fell by around 3% despite strong Q2 results, as the market had expected the aerospace giant to raise its annual outlooks.

The crude oil prices (WTI) fell nearly 1% to below $84 per barrel, correcting after a strong 6.6% surge in the previous session. The main factors behind the decline were signs of partial recovery in shipping through the Strait of Hormuz and intensified diplomatic efforts aimed at de‑escalating the Middle East conflict. An additional positive signal for logistics came from Qatar sending its first LNG shipment through the route, as well as reports that Saudi Arabia plans to form a naval coalition to protect trade routes. On the supply side, high oil inventories in China also weighed on prices, suppressing import demand and easing fears of an immediate shortage.

US natural gas prices (XAG/USD) showed a slight increase, rising to around $2.75 per MMBtu. The recovery was driven by EIA data showing that inventories rose by only 28 billion cubic feet in the week ending July 24, below market expectations of 35 billion. Nevertheless, prices remained near multi‑month lows seen in early May due to overall oversupply: current inventories exceed the five‑year seasonal average by 6.4%.

In Asia, Japan’s Nikkei 225 (JP225) rose sharply by 0.71%, China’s FTSE China 50 closed lower at 0.81%, Hong Kong’s Hang Seng (HK50) gained 0.20%, and Australia’s ASX 200 (AU200) ended Thursday down 0.78%.

The offshore yuan (CNY) held near 6.74 per dollar on Friday, remaining at its highest level since February 2023. Against this backdrop, investors increased expectations of new government support measures following the release of business activity (PMI) data. According to official figures, China’s manufacturing PMI fell to 49.2 in July from 50.3 in June, marking the first contraction since February, while the non‑manufacturing PMI dropped to 49.0 from 50.2, indicating renewed decline. These weak results were published after Q2 GDP growth failed to meet prognoses and fell short of the government’s target range of 4.5–5%.
The New Zealand dollar (NZD) held near 0.587 USD, approaching its eight‑week high amid US dollar weakness and positive domestic data. In New Zealand, the ANZ‑Roy Morgan Consumer Confidence Index for July rose by 8 points to 99.3, reaching a five‑month high and confirming improved business sentiment reflected in previous surveys.