(13 JULY 2020)DAILY MARKET BRIEF 1:Investors Have High Expectations of US Earnings Season

Stock markets are back on track after being somewhat bearish last week. Nevertheless, the first signs of a rally continuation could be seen last Friday. Investors hope that most US businesses will beat forecasts in the earnings season, as expectations had been exaggeratedly slashed amid the coronavirus panic. Besides this, drug maker Gilead, whose Remdesivir has been officially approved as a COVID treatment, said that the medication could cut the death rate of coronavirus patients by 62% compared to standard care. In light of this, US stock indexes are expected to ascend, with Nasdaq to update the record high again after doing so at the end of last week. S&P 500 and Nasdaq futures are currently up 0.46% and 0.39%, respectively. Asian stocks are impatiently waiting for the US earnings season, pricing in the optimism. At the time of writing, Japan’s Nikkei 225 has surged 1.85%, South Korea’s KOSPI rose 1.49%, and Australian ASX 200 is up 0.70%. China attempts to recover from last wee