Trader Noble Market Commentary 05/07/2021

On 05/07/2021 is bringing you Bryan Noble. U.S. Equity Markets rose on more strong jobs data, led by the NASDAQ 100 which ended Friday’s session with a gain of 1.15%. Non-Farm Payroll data showed that 850,000 jobs were added in June. That was higher than the Wall Street estimate and accelerated from May’s job gains. However, the Unemployment Rate jumped and missed estimates. The Bureau of Labour Statistics said that this was because more people entered the workforce looking for jobs. Elsewhere, the IMF boosted its 2021 and 2022 growth outlooks for the U.S., saying that the proposed infrastructure bill would boost growth. However, the IMF also said that the Federal Reserve may need to raise Interest Rates as soon as the end of 2022 or early 2023 due to increased government spending. Overall markets were quiet, as this was the Friday before a holiday weekend. European Markets closed higher. European Central Bank President Christine Lagarde said the region’s economic rebound remains fragile, and she anticipates inflation will stabilise below the 2% target. OPEC and its allies postponed a meeting about oil output so Saudi Arabia and Russia could resolve differences. U.K. Ministers said they still plan to lift COVID-19 restrictions on July 19, easing concerns about another postponement. In Asia, Global growth optimism rose as U.S. Manufacturing and Employment data pointed to a strengthening economy. The People’s Bank of China drained roughly $3 billion from its financial system via reverse repurchase operations, as it feels banking liquidity is “reasonably ample.” South Korea’s Consumer Price Index data for June were weaker than expected, falling versus May, and indicating inflation pressures may be starting to ease. Japan’s ruling party is on track to gain more seats in an upcoming Tokyo election, according to recent polls, implying Prime Minister Yoshihide Suga’s chances of re-election are rising. Elsewhere, Gold rose 0.61% while Bitcoin rose…

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