Trader Noble Market Commentary 10/08/2021

On 10/08/2021 is bringing you Bryan Noble. U.S. Equity Markets declined to start the week, ending the day lower, led by the Dow which closed with a small loss of 0.31%, helping the VIX to rise by 3.50%. Markets opened lower before gaining throughout the day. Federal Reserve commentary spooked investors in the morning. Over the weekend, Dallas Federal Reserve President Robert Kaplan said that the central bank should begin tapering asset purchases sooner rather than later, adding that it should be done in a gradual manner. In terms of economic data, JOLTS Job Openings hit an all-time high for the fourth straight month in June, while hiring also picked up. Infrastructure was also in the news, with the Bill clearing a procedural hurdle in the Senate. There were also reports of an agreement on amendments regarding cryptocurrencies within the Bill. This set the Bill up to be passed (and sent to the House of Representatives) last night. European Markets closed higher. ECB Governing Council member Jens Weidmann said that Euro-Zone inflation could rise quicker than expected, adding that this would force the central bank to pull back on support. Euro-Zone investor sentiment fell to a three-month low in August, with concerns on prolonged COVID-19 restrictions weighing on optimism. French economic activity almost reached pre-pandemic levels in July, but in a monthly Bank of France survey, companies warned of supply-chain issues. In Asia, Japanese markets were closed for a holiday. Chinese social media site ByteDance will reportedly push forward with an initial public offering (“IPO”) in Hong Kong, despite the Chinese government’s pressure on technology companies. The Australian state of Victoria was said to be readying another extension of its COVID-19 restrictions as the country tries to conduct contact tracing for infections. Chinese export growth slowed in July, but still matched estimates, as rising COVID-19 cases hurt factory production. Elsewhere, Oi…

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