Overnight Market Brief – 01 August 2022

China’s top leaders gave a downbeat assessment of growth but didn’t announce new stimulus or tweak the 5.5% GDP target. Joe Biden warned Xi Jinping against military action to reunify with Taiwan, but said he wouldn’t support the island’s formal independence and reiterated the US’s “One China” policy. The Federal reserve on Wednesday enacted its second consecutive 0.75 percentage point interest rate increase as it seeks to tamp down runaway inflation without creating a recession.

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