Market Analysis by Vistabrokers

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Vista Brokers: Gold Gains Momentum

During Wednesday's morning trading, gold was gaining momentum. Vista Brokers analysts note that precious metals market participants are closely watching the developments with regard to Greece. Negotiations are nearing completion, and it is really a very important moment for all of the financial markets - after the decision is made, the picture for the many tools can change greatly.

August gold futures on Comex have risen by 0.10% to $ 1,177.80 per ounce. Silver - by 0.36% to $ 15,793 per ounce. Copper, which is often in opposition, has dropped by 0.07% to $ 2.611 per pound, making a breather after the rally earlier in the week caused by hopes for a stable growth of China's economy.

Gold futures (overnight) have decreased amid yesterday's dollar rally after the strong data on the primary housing market in the US and because of concerns about Greece. On Tuesday, the US currency has showed the strongest daily growth in almost a month, when it became known that in May, sales in the primary real estate market have increased by 2.2% to 546,000 (the highest level from February 2008).

 

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Market Pulse 25.06

On Thursday particularly saturated with information is the American trading session, during which will be released some important data, including the unemployment claims statistics in the United States.

6:00 ** GfK Consumer Climate - July (Germany)

Moderate impact on the market (EUR). The leading GfK consumer climate index characterizes the opinion of consumers with respect to income, the desire to spend and to the economy in the beginning of the reporting month.

8:00 *** SNB Chairman Thomas Jordan Speaks - June (Switzerland)

Strong impact on the market (CHF). Comments of Jordan on the situation in the economy are closely monitored by traders and investors, who arelooking for hints of further SNB action.

12:30 *** Unemployment Claims - June (USA)
12:30 ** Continuing Claims - June (USA)
12:30 ** Core PCE Price Index - June (USA)
12:30 ** Personal Spending - June (USA)
12:30 ** Personal Consumption Expenditure Deflator - June (USA)

Strong impact on the market (USD). Among above indicators the most important considers to be the unemployment claims indicator, in particular, initial claims, which are the important indicator of the labor market. It is expected that during the reporting week, the number of Americans who had applied for benefits for the first time increased. Growth in consumer spending could have a positive impact on the dynamics of the dollar.

 

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Vista Brokers: US GDP Data was in Line with Expectations

On Tuesday, market participants were mostly monitoring negotiations on Greece, occasionally distracted by the release of statistics. Vista Brokers analysts point out that the greatest attention was attracted by the final data on the US GDP for the first quarter. The data was in line with expectations - was revised from -0.7% to -0.2%.

Also in the US was published a number of less significant, but still accounted by the market indices. The GDP price index in the first quarter remained at the same level against the expected decline by 0.1%. Also better than expected was the growth of the personal consumption index – the figure increased in the first three months of this year by 2.1% vs. 1.9%.

With regard to the continuation of the "Greek saga," due to which the market is constantly in a fever, then according to the words of the Prime Minister Alexis Tsipras, international lenders have found some bugs in the latest reform plan, provided by Athens. Recall that the decision of Greece to be taken today. Or the country will face a default, or the resumption of the program of financial assistance from the EU, the ECB and the IMF.

 

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Vista Brokers: Asian Session Was under the Sign of Greece Again

During the Asian trading session on Thursday, stock markets in the region were declining, as well as the US dollar. Vista Brokers analysts remind that today is a "day X" for Greece - the country has only a few hours to somehow avoid default.

Today the European Union leaders once again gather in Brussels to discuss the possibility of Athens salvation. If no agreement is concluded, Greece will not be able to make a payment on the IMF loan in the amount of 1.6 billion euros on 30 June. In such a case it will default, in consequence of which the country could leave the euro zone, which will bring the financial markets even more uncertainty.

Let's go back to the Thursday's Asian session. MSCI's broadest index of Asia-Pacific shares outside Japan was actually holding close to the previous session's close. Japan's Nikkei has fallen by 0.3% after earlier on Wednesday, it has risen to the highest level since 1996 on optimism about Greece's agreement with creditors. Support for major Japanese index has also information that the US President Barack Obama is actively working on Trans-Pacific Partnership (TPP), where Japan has an important economic role.

The dollar index DXY has fallen by 0.1%. The euro was traded higher against the US currency, as the hope of a favorable outcome of the situation with Greece still persists. It should be noted that on Wednesday was published the final data on changes in US GDP for the 1st quarter, which coincided with the forecast (-0.7% with revision to -0.2%). Now the market is too busy with Greece to pay much attention to this fact, but the positive GDP figures confirm expectations about the Fed rate hike in September.

On the commodities market, crude oil has not changed in price, remaining close to the level of $ 60.28. Brent crude oil has risen by 0.3% to $ 63.68. Spot gold has risen by 0.2% to $ 1,177.22 per ounce.

 

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Vista Brokers: Oil Is in Limbo because of Greece

On Thursday, oil futures can not determine with the direction, moving up and down. Vista Brokers analysts say that traders are awaiting the outcome of Greece's talks with international creditors, which continues today in Brussels.

During the European trading session on the Nymex crude oil futures for delivery in August have fallen in price by 0.22% to $ 60.14 per barrel. Recall that the day before August futures have fallen by 1.21% to $ 60.27 after it became known that in the US last week, gasoline inventories rose by 0.7 million barrels and distillates - by 1.8 million barrels. At the same time oil reserves fell by 4.9 million barrels, far exceeding the forecast.

August futures for Brent today have fallen on ICE Futures Exchange in London by 0.04% to $ 63.47 a barrel, after falling 1.49% to $ 63.49 on Wednesday.

 

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Market Pulse 06/26

On Friday, a lot of important data will be published during the Asian trading session. In New Zealand, has already released the trade balance data. Analysts Vista Brokers recommend to pay attention to the indicator of consumer confidence from the University of Michigan, as well as the speach of the Bank of England Governor Mark Carney.

23:30 *** Consumer Price Index - May (Japan)
23:30 ** Household Spending - May (Japan)
23:30 ** National Consumer Price Index Ex-Fresh Food - May (Japan)
23:30 ** National Consumer Price Index Ex Food, Energy - May (Japan)
23:30 ** Tokyo Consumer Price Index - June (Japan)
23:30 ** Tokyo Consumer Price Index Ex-Fresh Food - June (Japan)
23:30 ** Tokyo Consumer Price Index Ex Food, Energy - June (Japan)

Strong impact on the market (JPY). According to forecasts growth of consumer prices in Japan in May was 0.4% after 0.6% the previous month. Growth of the consumer price index in Tokyo is expected at 0.5%.

14:00 ** Revised UoM Consumer Sentiment - June (USA)

Moderate impact on the market (USD). The consumer confidence index from the University of Michigan allows to estimate the consumer confidence in the current and future state of the economy. It is a very important leading indicator of future spending. The excess of the forecast is favorable for the currency.

14:15 *** BOE Governor Mark Carney Speaks - June (UK)

Strong impact on the market (GPB). Carney comments about the state of the UK economy may seriously affect the dynamics of the pound, because on their basis market participants will draw conclusions about the future strategy of the Bank of England.

 

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Vista Brokers: Calm before the Storm

On Thursday, trading in EUR / USD was restrained amid expectations of the result of Greece's negotiations with international creditors. Vista Brokers analysts say that because of the situation, which may result with a default of the country in the near future, in financial markets therewas a tense silence - the calm before the storm. Periodically, markets were showing signs of excitement after another appeared news on the progress of negotiations.

Nevertheless, it is worth noting published during the day statistics, most of which, however, traders left unattended. During the European trading session in Germany was released leading index of consumer climate for July. The index fell to the level of 10.1 from the level of 10.2 in June, as expected.

Later in the United States was released the data on unemployment claims. For the reporting week the number of applications has increased by 3000, which coincided with the forecast. The number of counting claims has increased, while analysts had expected a decline. The core PCE price index also came in line with forecasts, and changes in the level of personal spending was slightly better than expected (0.9% vs. 0.7%). The level of personal incoms of Americans has risen in May by 0.5% against the expected 0.6%.

 

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Vista Brokers: Oil Market Is still Calm

On Friday, oil contracts are traded in a narrow range as investors' views are still facing to the negotiations on Greece. Vista Brokers analysts note that quotes are about the same level for quite a long time, so that sooner or later this calm will surely turn into the storm. It is not clear just – where it will be directed.

Today during the Asian session August futures for Brent have risen by 19 cents to $ 63.39 per barrel, ending the previous session lower by 29 cents. WTI futures for August delivery have fallen by 6 cents today to $ 59.64 per barrel, while on Thursday the contract ended the day lower by 57 cents.

Experts believe that the assumption of the imminent change in the dynamics of the oil market can be drawn from the technical picture, which is now formed on the market. Since the beginning of the year Brent quotes are in a classic upward channel, borders of which the price will leave sooner or later and as a result it can be formed a strong movement, downward or upward.

From a fundamental point of view quotes must get a driver to leave the channel, for example, a decision on Iran's nuclear program. This question is recently a bit faded into the background – everybody is watching on Greece. But the question on Iran, in theory, should be definitively settled next week. Most likely, sanctions will be lifted from the country, and over the next month Tehran would increase exports, which can lead to a decrease in oil prices. Another scenario is also still possible - sanctions may remain in force, and it will support quots.

Do not forget about the correlation of oil with the US dollar, a position of which in the international currency market have an impact on all instruments, measured in dollars. Not far off is September, when many market players expect the first Fed rate hike, which will certainly have an impact on the dollar and, as a consequence, on the oil market.

 

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Vista Brokers: Rising Dollar Pressures Gold

During the Friday's European trading session, gold has fallen in price. Vista Brokers analysts note that the precious metals market was under pressure after Thursday's strong statistics from the US has supported the dollar. Experts also remind us that the picture of the market can change dramatically at any time, as players are closely watching negotiations on Greece.

Today on Comex gold futures for August delivery have plunged by 0.12% to $ 1,170.50 per troy ounce. A day earlier, these futures had ended the day at $ 1,171.80 (-0.09%).

Recall that the dollar has received support in the currency market after the release of information that the personal income in the US has grown by 0.5% in May (coincided with the forecast), and the level of spending – by 0.9% (the forecast was 0.7%).

As for the other traded metals, silver futures for July delivery have tumbled today by 1.25% to $ 15,610 per ounce, while copper for July contract have increased by 0.51% to $ 2.637 per pound.

 

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Market Pulse 06/29

Week starting in the foreign exchange market will not be too busy. In the euro zone, Germany and Spain will be published preliminary index of consumer prices for June, and later in the US will be released the data on pending home sales. The market is still focused on the situation in Greece, which has not been able to negotiate with creditors on the weekend, therefore, it will likely continue to ignore the publication.

7:00 ** Preliminary Consumer Price Index - June (Spain)

Moderate impact on the market (EUR). Inflation is one of the key indicators in Forex, because usually the monetary policy mostly depends on it. In June, it is expected that the consumer price index has declined by 0.1%.

8:30 ** Net Lending to Individuals - May (UK)
8:30 ** Mortgage Approvals - May (UK)
9:30 ** MPC Member Martin Weale Speaks - May (UK)

Moderate impact on the market (GPB). Analysts expect fairly good data on these indicators. Acceleration of the net loans dynamics reflects the improvement in lending, and promises the consumer spending growth. The number of approved applications for a mortgage loans is an interest, since it not only informs about the "health" of the housing market, but also about the situation in relation to lending activity.

12:00 *** Preliminary Consumer Prices Index - June (Germany)
12:00 *** Preliminary Harmonized Consumer Prices Index - June (Germany)

Strong impact on the market (EUR). Inflation is one of the key indicators in Forex, because usually the monetary policy mostly depends on it. In June, it is expected that the consumer price index has increased by 0.1%.

14:00 ** Pending Home Sales - May (USA)

Moderate impact on the market (USD). Changing in the volume of outstanding transactions with real estate. It is an early indicator of the activity of the US housing market.

 

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Vista Brokers: EUR / USD Finished the Hard Week with Decline

On Friday, the euro has fallen against all the major competitors in Forex. Vista Brokers analysts note that at the end of the week the EUR / USD has dropped by 1.74%. All over the week, views of market participants were glued to negotiations of Greece with international lenders, which have not been successful finished.

All possible terms of negotiations on Greece due to expire on Tuesday, when the country has to pay 1.6 billion euros to the International Monetary Fund. Without the agreement on the resumption of financial aids program to Athens will not be able to make this payment, which will mean a default.

On Saturday, parties have not been able to conclude negotiations. The Greek Prime Minister Alexis Tsipras said that on July 5 the country holds a referendum, the results of which will decide whether to agree to the "troika" demands. Tsipras suggested lenders to extend the program until the referendum, however, euro zone finance ministers refused to do so. The European Central Bank meanwhile continues to supply liquidity to Greek banks, but on Saturday, representatives of the regulator said that they are monitoring the situation and may at any time change the decision.

 

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Vista Brokers: Kuroda Told about BOJ Plans Regards Inflation

On Monday, comments of the Bank of Japan's head Haruhiko Kuroda were published. The BOJ governor has gave them at an annual meeting of the Bank for International Settlements in Switzerland. Vista Brokers analysts note that Kuroda hopes to achieve the inflation target in the first half of fiscal 2016 (April-September).

Recall that recently the consumer nflation in Japan has returned to almost zero growth, and the head of the central bank calls it "the temporary influence of low oil prices.". Last week came the latest data on consumer price indexes for May that showed the increase in the consumer price index by 0.5% compared to 0.4% and the growth of the consumer price index excluding prices for food and energy by 0.4% in line with the forecast.

Kuroda also said that there are many risks that could prevent achievement of the inflation target by the target date. The economic situation in the world is now very tense, especially strongly influenced by geopolitical factors - he said.

 

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Vista Brokers: European Stock Markets Decline

On Monday, volatility in stock markets is increased. Vista Brokers analysts note that financial market participants expect that Greece will become the first country to come out of the euro zone. The talks with the country's international creditors, which continued over the weekend, did not produce results - the situation is aggravated with every passing day.

Today the European Central Bank has announced that it would stop supplying liquidity to Greek banks, forcing Athens to close banks to avoid a collapse. The international payment system Western Union has closed its Greek branch at least until the end of the week, prohibiting the movement of funds both in the country and out of it. On July 5 the country will hold a referendum that will show the population's attitude to international creditors' demands. Until that time, probably the country's financial system will be paralyzed.

Also note that the President of the European Commission, Jean-Claude Juncker said he expects that there will be 19 members in the euro zone. So, the current scenario causes investors to lose their last hopes that at the last moment lenders temper justice with mercy and save Greece. Tomorrow Athens must pay 1.6 billion euros to the International Monetary Fund and the refusal of the payment will be considered as a default.

On Monday, the blue-chip Euro STOXX 50 has shown the greatest day decline since 2011. The yield on German 10-year bonds today has fallen by 12.93% to the lowest level since June 3 - 0.707%. The yield on Greek bonds has jumped by 33.74% to the highest level since December 2012 - 14.54%. Also the yield of government bonds in Italy, Spain and Portugal has risen. The German Dax stock index has fallen by 3.8%, the French CAC 40 – by 3.9%, the British FTSE – by 2%, the Italian and Spanish markets have dropped by an average 4%.

 

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Market Pulse 06/30

Tuesday is more or less full of important publications, many of which the market will ignore because of Greece. Interesting statistics will be released in the UK, Canada, USA, New Zealand.

1:00 ** ANZ Business Confidence - June (New Zealand)
*** Global Dairy Trade Price Index - June (New Zealand)

Strong impact on the market (NZD). The source does not indicate the exact time of publication. The global diary trade price index reflects changes in prices of dairy products. These products make up a significant proportion of New Zealand's exports, so the dynamics of their prices directly affects the NZD.

7:00 ** KOF Economic Barometer - June (Switzerland)

Moderate impact on the market (CHF). The index takes into consideration 219 variables. The growth is favorable for the currency.

07:55 ** Unemployment Change - June (Germany)
7:55 ** Unemployment Rate - June (Germany)
7:55 ** Unemployment Data Released by Federal Labor Agency - June (Germany)

Moderate impact on the market (EUR). It is expected that the number of unemployed in Germany in the reporting period has decreased by 5,000 and the unemployment rate remained unchanged - 6.4%.

8:30 *** Current Account - Q1 (UK)
8:30 ** Final GDP - Q1 (UK)

Strong impact on the market (GPB). The balance of payments includes the results of the movement of goods and services as well as capital inflows and outflows. The growth or the forecast exceeding is favorable for the currency.

8:40 *** RBA Governor Glenn Stevens Speaks - June (Australia)

Strong impact on the market (AUD). Comments of Stevens as the head of the Reserve Bank of Australia may seriously affect the Australian dollar, especially if diverge significantly from market expectations.

9:00 ** Consumer Price Index Flash Estimate - June (euro zone)
9:00 ** Flash Core CPI - June (euro zone)
9:00 ** Unemployment Rate - June (euro zone)

Moderate impact on the market (EUR). It is expected that the consumer price index in June in the euro zone has risen by 0.2%. The indicator is taken into account in the monetary policy of the ECB, as well as the unemployment rate. It is expected that in June the rate will remain the same.

12:30 *** GDP - April (Canada)

Strong impact on the market (CAD). The indicator reflects the GDP growth during the previous month. The most comprehensive indicator of the economy. The increase or acceleration of growth are favorable for the currency.

13:45 ** Chicago PMI - June (USA)
14:00 *** CB Consumer Confidence - June (USA)

Strong impact on the market (USD). Expectations for both indicators are optimistic. Analysts predict that the index of purchasing managers in Chicago in June rose, as well as the indicator of consumer confidence.

 

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Vista Brokers: Euro Rose after SNB Intervention

On Monday, the single currency has rebounded sharply from reached lows and started an upward movement against the US dollar and other competitors in the foreign exchange market. Vista Brokers analysts note that the driver for growth was the intervention of the Swiss National Bank. The euro continued to rise despite the fact that the crisis in Greece continues to worsen.

Recall that after the weekend international creditors has not approved the reform plan, provided by Athens, the Greek Prime Minister Alexis Tsipras announced that on July 5 in the country will be held a referendum. From today, the country's banks do not operate - the government was forced to close access to deposits, to avoid the shock of their mass withdrawal. Theoretically, the European Central Bank continues to provide liquidity to Greek banks, but in fact the country's financial system is paralyzed before the referendum. Amid the Greek crisis worsening, European stock markets were down on Monday, while the yield on bonds of the euro zone countries has grown.

The single currency was prevented from a new round of falling with the fact that on Monday morning the head of the Swiss National Bank Thomas Jordan said that the central bank has taken intervention to weaken the franc against the euro.

Recently, due to the Greek crisis, market participants actually ignore the statistics. However, recall that the data on pending home sales in the US has showed an increase in May to a maximum of 2006.

 

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Vista Brokers: Oil Drops amid Default in Greece

On Tuesday, oil futures are traded at three-week lows. Vista Brokers analysts point out that the pressure on the "black gold" has a culmination of the situation in Greece, which has brought uncertainty and excitement into all financial markets. Also, oil traders are awaiting the outcome of talks on Iran's nuclear program and the recent data on crude oil stockpiles in the United States.

At the beginning of the European trading session on Tuesday on ICE Futures Exchange in London, August Brent futures have risen by 0.08% to $ 62.05 per barrel. Yesterday, these futures have reached the lowest level since June 5 at $ 61.35 before ending the day at $ 62.01 per barrel (-1.98%).

Crude oil futures for August delivery on the New York Mercantile Exchange have lost 0.2%, dropping to $ 58.22 per barrel. A day before futures also have touched the lowest level since June 5 - $ 58.33 per barrel (-2.18%). The spread between Brent and WTI consists $ 3.83 per barrel compared with $ 3.68 at the close of trading on Monday.

Greece's default and the possible exit from the euro zone casts doubt on the very existence of the euro zone, the stability of its currency, the existence of a system of international loans and so on. The state of the banking system of the country is now very difficult. The population has no access to their deposits - financial institutions are closed, international payment systems do not work, the European Central Bank has stopped supplying liquidity.

Recall that the period within which Athens had to pay 1.6 billion euros to the International Monetary Fund, expires today, but the agreement with the "troika" of creditors (ECB, EU and IMF) to resume the program of assistance has not been achieved. A technical default in Greece has already come, but the situation may change after the referendum, which will be held in the country on July 5. If the Greeks decide that it is better to accept the claims of creditors to resume funding, negotiations will continue. If the majority vote against, the more likely the country will leave the euro zone.

 

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Vista Brokers: Sentiment in US Stock Market Has Improved

On Tuesday, Dow and S & P 500 futures have risen, rebounding from lows of October 2014, reached on the eve amid the crisis in Greece. Vista Brokers analysts say that sentiment in the US stock market has changed - investors are hoping that in the last few hours that remain before the default of Greece, international lenders will take some action to save the situation.

Recall that today Athens must pay the International Monetary Fund 1.6 billion euros, and earlier the Greek authorities stated that they have no funds for payment. Nevertheless, the Prime Minister Alexis Tsipras refused to accept a proposal of creditors to continue financing in exchange for the continuation of tough reforms.

The S & P 500 e-minis has risen by 9.25 points or 0.45%, Nasdaq 100 e-minis – by 14 points or 0.32%, Dow e-minis - by 62 points or 0.35%.

 

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Market Pulse 07/01

On Wednesday, many countries will publish manufacturing PMI data. The greatest attention of traders can attract such indicators as ADP non-farm employment change and the ISM manufacturing PMI.

1:00 *** Manufacturing PMI - June (China)
1:00 ** Non-Manufacturing PMI - June (China)

Strong impact on the market. Statistics from China often affects Australian and Canadian currencies, as well as the commodities market, as China is the largest consumer of various natural resources. It is expected that the index of purchasing managers in the manufacturing sector has risen in June.

1:30 *** Building Approvals - May (Australia)

Strong impact on the market (AUD). Building approvals changing. Stronger data in comparison with the previous one or the forecast are favorable for the currency.

7:15 ** Manufacturing PMI - June (Spain)
7:45 ** Manufacturing PMI - June (Italy)
7:50 ** Manufacturing PMI - June (France)
7:55 ** Manufacturing PMI - June (Germany)
8:00 ** Manufacturing PMI - June (euro zone)

Moderate impact on the market (EUR). Forecasts for these indexes are not too optimistic - analysts expect the decline (Spain, Italy), or the same level (France, Germany, the euro zone).

8:30 *** Manufacturing PMI - June (UK)
9:30 *** Bank of England Governor Mark Carney Speaks - July (UK)
9:30 ** Bank of England Financial Stability Report - July (UK)

Strong impact on the market (GPB). These may strongly affect the dynamics of the pound. It is expected that the purchasing managers' index in June has risen. At the moment, it is above the level of 50 that is considered to be development. The driving force for the British currency could be comments Mark Carney, from which traders make conclusions about the future strategy of the Bank of England.

12:15 *** ADP Non-Farm Employment Change - June (USA)
14:00 *** ISM Manufacturing PMI - June (USA)

Strong impact on the market (USD). Analysts' forecasts for these two important indicators are optimistic. Positive data could push the dollar to rise, as would support expectations of the Fed's rate hike.

 

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Vista Brokers: Greece Requested New Bailout Program

On Tuesday, the euro was declining against the dollar and other major currencies in Forex amid a crisis in Greece. Vista Brokers analysts say that a few hours before the announcement of default (due to failure to pay the International Monetary Fund), Athens has asked the European Stability Mechanism a request for a new program of financial assistance for the next two years.

Without external support the country will come to a financial catastrophe - Athens is unable to pay its numerous debts. But financial markets are more concerned with the way in which it will affect the stability of the euro zone and the single currency. The so-called "Greek saga" is far from the final - on Saturday, Greek Prime Minister Alexis Tsipras has announced that next Sunday, the country will hold a referendum on the implementation of international lenders' requirements.

In contrast to the euro zone, the situation in the US economy continues to improve, and this is reflected in the index of consumer confidence from the Conference Board, released yesterday. In June, the figure rose from 95.6 to 101.4 against 97.1. In contrast, the Chicago PMI index, published a little earlier, was weaker than expected: 49.4 vs. 50.2 after 46.2 in the previous month.

 

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Vista Brokers: Asian Stocks Rose after Japanese Statistics

Shares in the Asian region shave tarted the first day of the month with a rally - during the Asian trading session, the major indexes were risen. Vista Brokers analysts note that investors were inspired by data published early in the morning in Japan, most of which were positive.

Japan's Nikkei 225 has increased today during the regional trading by 0.22%, Shanghai Composite - by 0.30%, S & P / ASX 200 – by 0.66% and the Hang Seng index - by 1.09%.

So, on the night from Tuesday to Wednesday were published Tankan indexes, reflecting the situation in the industrial sector of Japan in Q2. The Tankan manufacturing index was better than expected: 15 against 12. The large manufacturers outlook index for the 3rd quarter also exceeded the expectations: 16 against 14. A number of other, less important indices were weaker than expected. Early in the morning on Wednesday was released data on the PMI index for the manufacturing of Japan in June, which has increased from 49.9 to 50.1, while analysts had expected the index to remain at the same level.