Today, trading in US Treasury bonds is also closed.
Meanwhile, markets are closed on a holiday, and it is the perfect time to pay attention to fresh notes from major players. For example, according to forecasts from Citigroup Inc., investors have made optimistic bets on the future stock market and closed June on a high note, anticipating an excellent earnings season - especially inspired by strong US GDP data for the first quarter of this year. However, this has led to significant overbought conditions and increased the risk of a pullback. According to economists at the bank, investors may take steps to protect their assets as early as next week, considering how far the market has come.
In addition, there are some signs of cooling in the US economy and the persistent hawkish rhetoric of the central bank. Surely, after the start of the earnings season, investors will temper their expectations for the stock market. This week, the minutes of the Federal Reserve's June meeting will be released, and traders will closely monitor Friday's non-farm employment report, which will shed light on many questions regarding the future trajectory of monetary policy.
The focus will also be on the earnings season, which will begin next week. Ahead of a rise in profit warnings, investors will be looking for signs of company resilience. Many economists remain cautious about further rallies amid an overall subdued economic situation.
The only significant news today was that the Reserve Bank of Australia left its key rate unchanged at 4.10% in a decision that divided economists and traders alike on whether to raise or suspend it. Yields on policy-sensitive three-year government bonds fell, while Australian stocks rose.