Global Markets React to JPMorgan Target Hike, China’s Economic Headwinds, and Key Legislative Progress

By / / Breaking News

  • JPMorgan Chase (JPM) received a significant boost as Goldman Sachs (GS) increased its target price for the banking giant from $604 to $625. This upward revision signals a bullish outlook from analysts on JPMorgan's performance and future prospects.

  • China's youth unemployment rate, excluding students, stood at 14.5% in June, according to the National Bureau of Statistics. This figure underscores ongoing challenges in the job market for individuals aged 16 to 24, despite recent policy interventions aimed at supporting employment.

  • The U.S. House of Representatives successfully advanced both crypto regulation and defense spending bills, ending a prior legislative standoff. This progress is expected to bring greater clarity to the cryptocurrency market and solidify defense sector appropriations.

  • Chinese banks are reportedly scaling back their dollar-denominated lending to developing Asia, indicating a strategic shift towards local currency financing. This move comes amid rising U.S. interest rates and a strengthening dollar, reflecting Beijing’s broader effort to reduce reliance on the greenback.

  • In commodity news, China's crude iron ore output for June fell 8.4% year-on-year to 88.97 million metric tons, as reported by the Statistics Bureau. This decline suggests potential shifts in industrial demand or production strategies within China's steel sector. Elsewhere, the NZD/USD currency pair softened to below 0.5950 amidst cautious trading, reflecting broader market sentiment.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. We are not financial professionals. The authors and/or site operators may hold positions in the companies or assets mentioned. Always do your own research before making financial decisions.
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