Trader Noble Market Commentary 01/07/2021
On 01/07/2021 TraderTalent.com is bringing you Bryan Noble. U.S. Equity Markets moved slightly higher as investors digested economic data, following a volatile trading session where the Dow led the move higher, after rallying 400 points off its morning low, to end the session with a gain of 0.61%. Markets digested economic data and Federal Reserve speakers. Federal Reserve Bank of Richmond President Thomas Barkin said he expects to see the domestic jobs market unclog by the end of the summer with really good numbers. Then, Federal Reserve Governor Christopher Waller said that he could see the central bank begin tapering asset purchases as early as this year. ADP employment change data came in above estimates, indicating that the U.S. economy added more jobs than expected in June. This marked the seventh straight month of job gains for the U.S. economy. The ADP data served as a precursor to the Labour Department’s employment data, which come out tomorrow. That release will be closely watched for clues on the labour market’s (and the broader economy’s) recovery. European Markets closed lower. Euro-Zone preliminary Consumer Price Index numbers for June were in line with expectations, but fell versus May, indicating inflation may be starting to moderate. OPEC released a report saying that the oil market could face a glut of supply if it increases production too quickly. This indicates that the group may keep production tight. The United Nations said global tourism likely will not hit pre-pandemic levels until 2023, hurting the economic recoveries of some countries. In Asia, China’s official composite Purchasing Managers’ Index data for June were weaker than expected, but remained in expansion territory, as the pace of non-manufacturing growth slowed. Japan’s May preliminary industrial production figures disappointed, falling versus April on a month-over-month basis, as social-distancing restrictions weighed on domestic demand. South Korea’s industrial production for…
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