This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports.
Nike dropped on Xinjiang cotton statements
Information is not investment advice
Such big brands as H&M and Nike are facing a boycott in China after they have expressed concerns about cotton produced in Xinjiang. It’s said that the human rights of Uyghurs and other Muslim minorities were violated in the region in the so-called "re-education" camps. Thus, large brands went up against the use of forced labor for cotton production in Xinjiang. Actually, this story has started almost a year ago, but only this week it provoked hype.
What is China’s response?
China’s state broadcaster CCTV blamed H&M, Nike, and other brands by saying: "earning big profits in China but attacking the country with lies at the same time". While US-based companies are stopping getting cotton from Xinjiang, Chinese companies in contrast have begun advertising their use of cotton made in Xinjiang.
Nike dropped to lows unseen since November of the last year. The price has approached the 200-day moving average of $124.00. If it manages to break below this level, the way down to October’s low of 2020 at $120.00 will be open. As we all know, after the big fall inevitably goes the rise. Thus, investors will closely watch for further price movement as the reverse up may come soon. If Nike jumps above the psychological mark of $130.00, the way up to the next round number of $135.00 will be open.
Check out our app FBS Trader, where the stock trading is even easier!
Don't know how to trade stocks? Here are some simple steps.
- First of all, be sure you’ve downloaded FBS Trader app or Metatrader 5. FBS allows you to trade stocks only through this software.
- Open an account in FBS Trader (the MT5 account in your personal area).
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.