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As before, the main factor influencing the dynamics of the American stock market last week was the trade war between the United States and China.

On Monday, major US stock indices fell markedly, as investors fled risky assets amid concerns that protracted confrontation could lead to a recession in the global economy. An additional negative factor was the report that Hong Kong International Airport canceled all flights for the remainder of the day due to the growing protests. Since the beginning of June, protests have continued in Hong Kong that plunged the Asian financial center into the most serious crisis in decades and have been one of the biggest problems for Chinese leader Xi Jinping since coming to power in 2012. In conditions of geopolitical uncertainty, investors preferred traditional safe haven assets such as the Japanese yen, gold and US government bonds. Market participants also continued to closely monitor the exchange rate of the Chinese currency. On Monday, the Central Bank of China set the average RMB exchange rate at 7.0211 per dollar, compared with 7.0136 on Friday.

However, the very next day, the main US stock indices rose sharply after the US Presidential Administration announced that it would postpone the introduction of 10 percent tariffs on some Chinese goods until December 15, including laptops, mobile phones, clothes and game consoles. Washington's softening position outweighed investor concerns over geopolitical and economic challenges. Apple's 4.3% jump in stocks (AAPL), which manufactures its iPhone and MacBook in China, along with chip makers ’shares pushed the tech sector up 1.7%. Semiconductor maker Philadelphia Semiconductor Index (SOX) is up nearly 3%. Investors also studied the Labor Department report, which showed that US consumer prices rose in July.

On Wednesday, the market again showed negative trend. The US bond market indicator indicated a renewed risk of recession after weak economic data from Germany and China. Official data released on Wednesday showed that China's industrial production grew at its slowest pace in 17 years in July, while Germany's GDP fell 0.1% in the second quarter from the previous quarter, marking the first drop in the last three quarters. These data have returned to the focus of investors the protracted trade war between the US and China and its negative impact on global economic growth. Against this background, the yield on 10-year treasury bonds on Wednesday was lower than the yield on 2-year bonds for the first time since 2007, which is a reliable indicator of the upcoming recession. In addition, the yield on 30-year treasury bonds reached a new record low.

Major US stocks rose predominantly on Thursday, as strong retail sales and above-expected quarterly Walmart results eased concerns over the recession, but China's mixed statements and Cisco's disappointing outlook kept investors in suspense. The Commerce Department said retail sales rose 0.7% last month after rising 0.3% in June as consumers bought a number of products, even though they cut back on car purchases. Economists had forecast sales to rise 0.3% in July. Compared to July last year, retail sales grew by 3.4%.

The week ended with steady growth amid expectations of additional stimulation of the economy by central banks and a weakening rally in the bond market. US President Donald Trump said he will soon speak with President Xi, although this has not yet been confirmed by China. Statements by the American president came after China threatened to take countermeasures in response to the latest round of tariffs, but Trump said he did not believe that China would bring the matter to an end. The market was also supported by strong reporting by Nvidia (NVDA).

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