Oddbean

Westpac IQ Economics Morning Report ========== The market reaction to US President Biden dropping out of the 2024 presidential race was muted; Support for Kamala Harris as Biden's replacement helped reduce political uncertainty; Big gains in tech shares underpinned a strong bounce in US equities; US bond yields were slightly higher, with the US dollar unchanged; Commodity prices continue to slide, with copper at its lowest in three months; US equities rebounded strongly, with tech stocks outperforming; ASX200 index fell 0.5%; US and Australian bond yields were higher; RBA rate hike priced in for 2024; US dollar and Aussie dollar were broadly unchanged; Commodities were generally lower; People's Bank of China cut short-term repo rate; Kamala Harris won backing from prominent Democrats; Chicago Fed National Activity Index edged down; No major economic data published in Australia; State banks in China instructed to ensure indebted municipalities can refinance; Westpac IQ is a service provided by Westpac Banking Corporation #Morningreport #Commodities #Australia https://www.westpaciq.com.au/economics/2024/07/morning-report-23-july-2024