The S&P500 reached another all-time high (ATH) at the close on July 3 this year.
The Nikkei 225 showed ATH at the close on July 4, and another (intraday) ATH on July 5.
Fun fact: reading information from Japan this morning... one of the headlines is ATH in Shizuoka City (160km south of Tokyo), where yesterday the temperature reached record-high 39.3 C.
Will there be another ATH? There is a chance for this even today, when we get the data from the American labor market.
Looking at the market reactions after the publication of very weak ISM indices, it can be said that the market went a bit into the "bad news is good news" mode. Today, analysts expect rather weak US payroll data... and bad news for employees today may be good news for investors.
US payrolls is expected to dropped in June to 190k from 272k in May and after a cycle low of 165K in April. And Goldman Sachs only expects 140k!
Figure 1 shows ATH in the US and Japan.
Figure 2 shows the Japanese yen against the Nikkei 225.
Figure 3 shows US, Japanese and Chinese stocks since December 2019 (we don't have ATH everywhere).
Figure 4 shows the Nikkei 225 rate of return in various currencies (unhedged).
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