10 things you need to know in markets today

US markets are closed to celebrate the Fourth of July. Here's what you need to know in global markets today.

1. Chinese stocks hit their highest level in 5 years, while Europe looks for direction with US markets closed for July 4th. Liquidity was thin with few US investors online during the day.

2. Goldman Sachs says global oil demand won't rebound to pre-coronavirus crisis levels until at least 2022. Gasoline demand is expected to be the fastest to recover among oil products due to a transition in consumer behaviour.

3. Chinese PMI hits the highest level in a decade in latest sign that the world's 2nd largest economy is surging back. The services PMI came in at 58.4, up from 55 in May.

4. 'Capital markets are not free': Billionaire investor Ray Dalio says the Fed is boosting asset prices, valuation metrics don't apply, and the US dollar is at risk. "The economy and the markets are driven by the central banks in coordination with the central government," he said.

5. A handful of multi-strategy hedge funds posted huge gains in the first half this year, bucking the industry's trend of underperformance. The big winners were Chicago-based Citadel Advisors, Izzy Englander's Millennium Management, and Balyasny Asset Management.

6. Leaked emails show Amazon is delaying Prime Day again to October as concerns grow that a new COVID-19 demand spike may hit supply chains. The annual Prime Day shopping event is postponed to October, the third delay this year.

7. The most accurate tech analyst on Wall Street says these 6 stocks have potential for huge gains as they transform the sector. Many of the companies covered by the analyst have made enormous gains and far surpassed his price targets in the past few months.

8. A 22-year market vet explains why stocks are headed for a 'massive reset' as the economy struggles to recover from COVID-19 — and outlines why that will put mega-cap tech companies in serious danger. He thinks investors who hail the Federal Reserve as a panacea are "going to pay."

9. Asian stocks are up. In Europe, Germany's DAX fell 0.5%, Britain's FTSE 100 fell 1.2%, and the Euro Stoxx 50 fell 0.7%. In Asia, China's Shanghai Composite rose 2%, Hong Kong's Hang Seng rose 0.9%, and Japan's Nikkei rose 0.6% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&P 500, and the Nasdaq rose 0.5%.

10. On the economic front. The IHS Markit Purchasing Managers Index for major European economies were released today.

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