Dollar gains, stocks ebb after jobs data halts rally

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NEW YORK (Reuters) – The dollar bounced off two-year lows and a gauge of global equity markets halted its march toward a record high on Friday, as better-than-expected U.S. jobs growth in July was tempered by the wrangles in Washington over a new stimulus bill.

Big rallies in gold and the euro were also snapped.

The U.S. Labor Department’s data showed slowing employment growth in July amid a surge in COVID-19 cases, highlighting the need for the White House and Congress to agree on an aid package.

Gold slid 2%, after hitting a record high earlier in the week, the euro fell from highs against the dollar last seen in May 2018 and U.S. Treasury yields rose, halting a downward move that had the benchmark 10-year note poised to fall below 0.5%.

The sell-off was due to profit-taking after the record peaks this week in gold and the tech-driven Nasdaq,

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China to deepen financial reform, no matter how global situation changes: China’s Central Bank

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Photo taken on March 13, 2018 shows the headquarters of the People’s Bank of China. Photo: Xinhua

No matter how the international situation changes, the most important thing for China is to do its own thing and unswervingly deepen the reform of the financial industry and open up to the outside world, Yi Gang, governor of the People’s Bank of China said on Sunday.

Yi said priority tasks include implementing the first phase China-US economic and trade agreement, and carry out financial reforms and opening-up measures announced in recent years, such as the removal of foreign equity restrictions in the fields of securities, fund management, futures, personal insurance, and investment quota restrictions for qualified foreign investors. 

China will also approve American Express, MasterCard, Fitch and other institutions to enter the Chinese market, said Yi.

China will continue to promote the full implementation of the pre-entry national treatment plus negative list

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Florida consumers more pessimistic as economic recovery slows

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John Hielscher
| Sarasota Herald-Tribune

Florida consumers, whose spending drives the state economy, lost confidence again in their financial situations as the coronavirus pandemic continues to cause economic damage.

After showing rising confidence for two months, consumers were more pessimistic in July while the pace of the economic recovery slowed, according to the University of Florida’s Consumer Sentiment Index.

The index dropped 2 points from a revised 82.5 in June, although that was not as steep as the 5.6-point dive in consumer sentiment nationwide.

Four of the five components that comprise the Florida measure were down over the month.

“Floridians are more pessimistic in July, anticipating a longer economic recovery,” said Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research. “Most of the pessimism comes from the overall expectations about the outlook of U.S. economic conditions in the short- and long-run.


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