Strong data released by the United States yesterday, coupled with China's continued increase in fiscal stimulus measures, led to general gains in stock markets and cryptocurrencies. The S&P 500 Index has hit 42 all-time highs this year, gold is also on the rise again, approaching the $2,700 mark, Bitcoin stands at 65K, and the top ten largest market cap cryptocurrencies are rising in unison.

(Gold continues to hit new highs, and the market value of gold stablecoins reaches US$1.1 billion)

U.S. economic data is strong, Yellen: heading for a soft landing

Weekly U.S. jobless claims fell 4,000 to a four-month low of 218,000, below economists' forecast of 225,000.

Other reports showed second-quarter corporate profits rose more strongly than initially expected, while second-quarter gross domestic product (GDP) rose 3%.

Many U.S. central bank officials spoke on Thursday, but several, including Fed Chairman Jerome Powell, declined to comment on monetary policy

U.S. Treasury Secretary Yellen said that labor market and inflation data show that the U.S. economy is on the road to a "soft landing," but the last mile to curb inflation revolves around lowering housing costs.

China will push for more fiscal stimulus

Chinese leader Xi Jinping pledged on Thursday to push for a 5% economic growth target in 2024 and stem a slide in the property market. According to Reuters, under the guidance of top leadership, the Treasury Department and various government agencies have been formulating fiscal stimulus measures in recent weeks to revive the economy. In addition to issuing special sovereign debt to support consumption, Chinese authorities also plan to increase financial support for small and medium-sized enterprises in stages, such as employment subsidies and tax exemptions to reduce their operating costs.

Morgan Stanley expects China to provide more fiscal support for housing and social welfare spending in the coming months.

This is not an "at all costs" moment, but it shows that Beijing is taking deflation seriously and exploring all options.

Cryptocurrency surges, Bitcoin stands at 65K

As market optimism spreads, cryptocurrencies have also seen general gains, with Bitcoin standing at 65K and BNB approaching the $600 mark.

This article China continues to increase fiscal stimulus measures, and the stock market and cryptocurrencies rise first appeared on Lian News ABMedia.