On 03/09/2021 TraderTalent.com is bringing you another guest post from Bryan Noble.
U.S. Equity Markets closed higher yesterday, led by the Dow’s late rally to close with a gain of 0.37%. The Labour Department reported that Weekly Jobless Claims dropped to their lowest level since the onset of COVID-19. Another 340,000 individuals filed for initial jobless claims in the week ending August 28 versus the previous week’s upwardly revised 354,000. This suggests economic activity is continuing to rebound thanks to the $2.8 trillion in COVID-19 aid passed by Congress in December and March. If another $1 trillion is passed in the Senate, it could help this trend to continue. Meanwhile, the Labour Department explained that the U.S.’s second-quarter nonfarm productivity was revised lower from 2.3% to 2.1%. The U.S. Trade Deficit narrowed more than anticipated as well in July due to declining imports amid supply-chain shortages and a shift in spending from goods to services. European Markets again closed mixed. European Central Bank Governing Council member Bostjan Vasle said the central bank should not rush into changing policy based on “one-off” inflation metrics. Investors expect the European Central Bank will outline plans next week to ease COVID-19-induced sovereign bond purchases and focus on expanding Quantitative Easing. Euro-Zone producer price index (“PPI”) data for July was better than expected due to rising energy prices. The European Union also reported that COVID-19 vaccinations increased to 538.4 million yesterday, with more than 254.4 million individuals having been fully immunised. In Asia, The People’s Bank of China explained that it would offer $46.5 billion worth of low-cost funds for banks to lend to small and medium-sized enterprises. Japanese Prime Minister candidate Fumio Kishida said he would pursue a government spending package valued in the tens of billions of dollars to support economic growth. The U.S. Treasury Department said private Chinese equity fund Wise Road Capital’s purchase of South Korean semiconductor manufacturer Magnachip Semiconductor posed national-security risks. Bank of Korea Governor Lee Ju-yeol highlighted that the economy will likely remain strong, fuelled by increasing COVID-19 vaccinations and steady demand for manufactured goods. Elsewhere, Oil rose 1.65% after the White House promised to maintain gasoline production in the wake of Hurricane Ida, while Bitcoin closed 2.5% higher after El Salvador announced that it plans to start using Bitcoin as its national currency.
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