On 16/08/2021 TraderTalent.com is bringing you another guest post from Bryan Noble.
U.S. Equity Markets ended the week on a high note, after a very quiet session, led by the S&P which closed with a small gain of 0.16%, hitting a new all-time high at 4468. It was a relatively quiet trading session to end the week. Earnings season wrapped up, with Disney’s (DIS) strong report marking the unofficial end to the bulk of quarterly reports. According to data from FactSet, 87% of S&P 500 companies have beaten earnings estimates, well above Wall Street’s expectations. In terms of economic data, Consumer Sentiment fell to the lowest level since 2011, with survey respondents citing concerns about inflation and the COVID-19 Delta variant. For the first time all week, there were no Fed speakers of note. The next big date for the central bank is August 26, when it begins the Jackson Hole Economic Symposium. There are some expectations that the central bank could announce the tapering of asset purchases at this meeting. European Markets closed higher for a tenth consecutive session, the longest streak since 1987. Germany’s Economic Ministry said that the jump in inflation happening in the country was mostly temporary, with inflation expected to fall to normal levels at the start of next year. The U.K.’s Recruitment and Employment Confederation said that job postings were ramping up, with more businesses looking to hire as COVID-19 restrictions are lifted. In Asia, China’s government closed a key port due to rising COVID-19 cases, sparking fears of a disruption to the global economy. Tokyo’s COVID-19 advisory panel said that the city’s outbreak was now out of control, and it urged tougher restrictions. Australia was said to be ready to extend lockdowns for its two largest cities as COVID-19 cases continue to rise. Elsewhere, Bitcoin, surged 8%, to sit at $47200 this morning, while Oil fell 1.62% as Baker Hughes data showed that the U.S. restarted production at the most oil rigs since April.
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