Forex Analysis & Reviews: 17.07.2023 - Economists revise global...

Live Chat

InstaForex - Official partner of Dragon Racing

This section features the most important information about trading with InstaForex. We provide both analysis from leading experts for experienced traders and articles on trading conditions for beginners. Our services will help increase your profit potential.

Become Trader

Account Opening

See also

Trading Conditions

Forex Analytics

Charts

This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.

Start as Beginner

How to start trading

Useful information

Training and recordings

InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.

Become Investor

PAMM System

ForexCopy System

Passive investments

OYS account

Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.

Become Partner

Main Page

Partner Area

Advantages for Affiliates

Registration

This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.

All Promo Campaigns

Bonuses

Contests

Events

Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.

Full details

Forums

We are in social networks

Forex humour

Forex Portal

InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.

Learn More

History

Why Choose Us

InstaSport

Regulation

Company News

Awards

InstaForex Stars

InstaForex Offline

Headquarters

Key documents

Social Responsibility

InstaForex Loprais Team - Official participant of the Dakar rally

17.07.2023 03:09 PM

Economists revise global growth forecasts due to China

Economists revise their forecasts for global economic growth due to China's disappointing economic performance. They are lowering their predictions for next year, citing significant shortcomings in economic recovery and Beijing's restrained response to stimulus measures.

JPMorgan Chase & Co., Morgan Stanley, and Citigroup's economists were among those who gave a negative assessment of the situation. On Monday, official data released by Beijing authorities showed that the economy lost momentum in the second quarter, with a noticeable decline in consumer spending in June and a contraction in real estate investments.

Citigroup Inc. economists believe that GDP growth this year will be 5% instead of 5.5%. Beijing's official target, set in March at around 5%, is now under threat. JPMorgan Chase & Co. shares a similar opinion.

"The new projection takes into account 'more realistic' policy support over the coming months," JPMorgan Chase & Co. noted. The bank said while a meeting of the Communist Party's Politburo later this month would provide clues about policy thinking, there were risks that policy could "fall behind the curve or short of expectations."

Morgan Stanley also lowered its estimate to 5% from 5.7%. United Overseas Bank Ltd., Capital Economics Ltd., and Societe Generale SA also reduced their forecasts. The absence of a significant stimulus package, which was eagerly awaited in recent months, became the main reason for revising the forecasts.

Premarket

Shares of video game producer Activision Blizzard rose by 4% after Microsoft and Sony signed an agreement to keep Call of Duty on Sony PlayStation gaming consoles following Microsoft's acquisition of Activision Blizzard.

Chewy stocks jumped by more than 5% after Goldman Sachs upgraded their rating to "buy" from "neutral." The firm stated that the e-commerce pet goods company has an attractive risk and reward profile and can increase its margin.

PepsiCo, the beverage giant, saw a 1.2% drop in shares after Morgan Stanley downgraded its rating from "buy" to "hold." According to Morgan Stanley, Pepsi's strong earnings report and growth potential are now priced into the shares, leading to limited growth potential.

Tesla, the electric vehicle manufacturer, saw an almost 2% increase in pre-market trading.

AT&T shares fell by 1.5% after Citi downgraded its rating from "buy" to "neutral."

As for the S&P 500 index, demand for the trading instrument remains. Bulls have a chance to continue the uptrend, but they need to push the price above $4,515. From this level, there could be a surge to $4,539. Another important task for bulls will be to maintain control over $4,589, which may strengthen the bull market. In case of a downward movement due to a decrease in risk appetite, bulls will have to protect the level of $4,488. Breaking through this level, the trading instrument may return to $4,469 and $4,447.

You have already liked this post today

*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.