Trader Noble Market Commentary 09/08/2021

On 09/08/2021 is bringing you Bryan Noble. U.S. Equity Markets rose to end the week on strong jobs data, finishing the day higher, led by Dow which closed at a new all-time high with a gain of 0.41%. However, the big story of the last few days was the sell-off in Precious Metals, with Gold trading to an overnight low of $1680, following a ‘’Flash Crash’’ and Silver hitting a low of $22.32 before bouncing to sit at $23.90 as I go to press. Jobs data was the big driver for the third straight day. Non-Farm Payroll data for July came in well above expectations, while the unemployment rate fell more than expected. These are good signs for the labour market’s recovery, and therefore a strong sign for the economy. But this could lead the Federal Reserve to begin pulling back support. Fed Chairman Jerome Powell has said the central bank wants to see a string of strong job gains before it begins pulling back on its $120 billion worth of monthly bond purchases. The economy has now added almost 4.2 million jobs since the beginning of the year. July’s figures lean toward tightening by the end of the year with the potential for an interest-rate lift-off in 2023. European Markets closed higher. German Industrial Production data for June was weaker than expected, falling versus May, as demand for items used to produce other goods slid. Italian industrial production figures for June were in-line with expectations, rising versus May, as machinery and textile output increased. Austria’s government was said to work on forming an alliance to tighten European Union fiscal rules, making it harder for countries to take on debt. In Asia, Japan’s household spending data for June unexpectedly declined, falling versus May, as social-distancing restrictions and a lack of stimulus payments weighed. Beijing’s government said it would cancel all large-scale events and exhibitions for the remainder of August, as it trains to contain the recent increase in COVID cases. South Ko…

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