U.S. Equity Markets bounced around in a volatile fashion as investors continued to digest Wednesday’s Federal Reserve’s policy announcement, ending yesterday’s session mixed, with the NASDAQ 100 closing with a gain of 1.29%, while the Dow close lower for a 10th consecutive trading session with a loss of 0.64%. The Federal Reserve announcement was still in focus. The Fed boosted its inflation outlook for the year, but kept its long-term inflation expectation intact. And Federal Reserve Chairman Jerome Powell said it will continue with “powerful” monetary support as the economy is still a long way from achieving the central bank’s goals. Labour market data were the big data point of the day. Jobless Claims unexpectedly rose, snapping a six-week downtrend. However, the four-week moving average declined, indicating that the longer-term trend of fewer Jobless Claims is still intact. This is a good sign for the labour market’s recovery. On infrastructure, more Republican Senators came out in support of the bipartisan proposal, but the path ahead is still uncertain. European Markets made further gains. Italy’s Trade Surplus for April rose versus March, as exports to the rest of Europe and the world continued to surge, almost doubling from their levels a year ago. The European Central Bank’s Governing Council was said to be preparing to extend capital requirement relief for banks until March next year to ensure an ample flow of credit. ECB Executive Board member Philip Lane said it was too soon to talk about dialling back the central bank’s Pandemic Emergency Purchase Programme. In Asia, China’s Asset Supervision and Administration Commission ordered state-owned enterprises to limit their overseas commodities market exposure, in an attempt to rein in prices. Japanese Prime Minister Yoshihide Suga said the government would end the coronavirus state of emergency covering nine prefectures, including Tokyo, on July 11. Australia’s employment figures for May were much stronger than expected, as the number of full- and part-time workers saw significant gains, pointing to economic growth. Elsewhere, Oil closed 1.47% lower, while Gold fell a further 4.61% on Dollar strength.
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