On 18/10/2021 TraderTalent.com is bringing you another guest post from Bryan Noble.
U.S. Equity Markets rose to end a strong week, led by the Dow which closed above 35000 with a gain of 1.09%. Markets opened higher, and held onto their gains for the rest of the day. Economic data was mixed. On the one hand, Retail Sales data rose surprisingly in September, another sign of ongoing consumer strength. But Consumer Sentiment fell in October, remaining near the lowest levels in more than 10 years. The survey cited the COVID-19 Delta variant, supply-chain shortages, and labour issues as headwinds to optimism. Earnings season wrapped up, with reports from all the big banks this week getting off to a strong start. This will continue to serve as a catalyst for markets as more and more reports come out in the coming weeks. European Markets closed higher. Italy’s government was said to consider extending tax breaks on corporate mergers for another six months to support economic growth. The International Monetary Fund advocated global central bankers look beyond rising price pressures that could prove transitory and not take policy action too soon. European car registration figures experienced the largest year-over-year contraction in September since 1995, as the ongoing semiconductor shortage hurt vehicle supply. In Asia, China’s financial regulators were said to tell some of the nation’s largest banks to accelerate approvals of home loans in order to maintain the steady health of the real estate market. Japan’s Cabinet Office said Prime Minister Fumio Kishida has formed a “new capitalism” panel to explore sharing corporate profits on a broader basis. Bank of Korea Governor Lee Ju-yeol said it will gradually adjust accommodative monetary policy and that a November rate hike is possible absent any economic risk. Technology stocks gained after Taiwan Semiconductor’s third-quarter earnings and fourth-quarter guidance beat expectations on strong semiconductor demand. Elsewhere, Oil rose 1.21% as Wall Street estimated a drop off in crude supply as travel-related restrictions ease, while Gold fell 1.62% on Dollar strength.
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