China Announces Fiscal Stimulus and Tech Stocks Rise on Google

July 24, 2018 Share Print 0

World shares hit their highest in a month on Tuesday, as China promised fiscal action to support the world’s second-largest economy and stellar results from internet giant Alphabet underpinned tech stocks.

Wall Street was set for a short climb when it reopens, with Google-parent Alphabet, part of the so-called FAANG stocks, expected to jump almost 5 percent after a better-than-expected quarterly revenue jump.

Metals prices were also sharply higher thanks to the stimulus signals in Beijing [.N], while global bonds were still sluggish following speculation that the Bank of Japan may soon trim its massive stimulus.

The euro had nosed higher on solid German manufacturing data and though the dollar was having a largely quiet day there were plenty of jarring moves in emerging markets to raise the pulse rate.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.