Data flows and news headlines were generally positive the past week with the S&P 500 and S&P/ASX 200 up about 1.3 per cent and 1.9pc respectively.
Sentiment was buoyed in the US as better than expected retail sales and manufacturing data indicated the recent rise in coronavirus cases was having little impact so far.
Sentiment also improved when President Trump ruled out additional sanctions on top Chinese officials for now as he doesn't want to further escalate tensions with Beijing.
In China, second quarter gross domestic product was up 11.5pc quarter on quarter, much higher than the 9.6pc anticipated.
The result saw exports rising 0.5pc and imports rising 2.7pc, which suggests the industrial recovery continues.
In Australia the labour market report was stronger than expected, with employment rising by 211,000 in June, reversing some of the 870,000 job losses from the preceding two months.
Hours worked increased by 4pc. Furthermore, weekly payrolls showed about 35pc of people who lost jobs have now been re-employed, though gains have slowed in recent weeks.
Of most concern though is the virus resurgence in Victoria which has yet to peak. Premier Daniel Andrews said wearing a face mask would be mandatory in Melbourne and the Mitchell Shire for anyone 12 or older.
Despite the economic data, of most concern to investors around the world was the beginning of reporting season, with a number of large US companies delivering their second-quarter results.
Netflix's results disappointed investors as they forecast lower subscribers in the next quarter, with the company's share price falling approximately 10.1pc week on week.
This weak result for one of the major US tech stocks will put the focus firmly on the tech sector with investors keen to see earnings reports for other large companies like Facebook and Microsoft in the next couple of weeks.
JPMorgan, one of the US's biggest banks, made its company results public during the week.
The results beat market expectations because of strong revenue growth driven by the company's investment banking and markets divisions.
These divisions were supported by increased bond issuance and equity raisings.
JPMorgan's share price was up about 2pc week on week.
- This article does not take into account the investment objectives, financial situation or particular needs of any particular person. Before acting on any advice contained in this article, you should assess whether it is appropriate in light of your own financial circumstances or contact your financial adviser. Christopher Hindmarsh is an adviser at JBWere.
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