On 19/10/2021 TraderTalent.com is bringing you another guest post from Bryan Noble.
U.S. Equity Markets rebounded strongly from the early afternoon lows, finishing the day higher, led by the NASDAQ 100 which closed higher by 1.02%. Markets opened sharply lower as Senator Joe Manchin (D-WV) reiterated his opposition to the size of the White House’s $3.5 trillion budget legislation, saying it risks overheating the domestic economy. But markets rebounded strongly off these low levels throughout the rest of the day. Economic data was positive, with the National Association of Home Builders’ Housing Market Index showing homebuilder optimism because of continued strong demand for housing. Investors continue to keep an eye out for earnings this week, with Eighty S&P 500 Index companies and eight of the 30 Dow Jones Industrial Average members reporting. European Markets closed lower. German political parties agreed to begin talks to form a coalition government, potentially bringing 16 years of Christian Democratic Union control to an end. Russia’s Deputy Prime Minister Alexander Novak said the country is ready to boost natural gas supplies to Europe to help ease the recent jump in prices. Investors await a slew of speeches from European Central Bank governing council members for clues on its thoughts regarding the pace and timing of winding down pandemic bond purchases. In Asia, People’s Bank of China Governor Yi Gang said the economy is doing well and the government can contain the risks posed by China Evergrande’s financial problems. China’s third-quarter gross domestic product (“GDP”) data disappointed expectations, matching the slowest rate of growth since the pandemic drop last year. Japan’s Prime Minister Fumio Kishida said the government is keeping an eye on petroleum prices and it’s important to encourage companies to increase oil output. The Bank of Korea said it’s unlikely China Evergrande’s debt issues will cause a financial crisis, given the low exposure of local lenders and China’s ability to manage the matter. Elsewhere, Oil closed 0.07% lower while Bitcoin fell 1% after surging above $61,000 last week.
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