Trader Noble Market Commentary 11/08/2021

On 11/08/2021 is bringing you Bryan Noble. U.S. Equity Markets rebounded to new highs, led by Dow which closed with a gain of 0.46%, despite many negative divergences. The Federal Reserve was the big story in the morning. Multiple Fed speakers — Raphael Bostic (Atlanta), Eric Rosengren (Boston), and Thomas Barkin (Richmond) — came out with hawkish comments, indicating that the central bank could soon pull back on support for the economy. Later in the day, markets got a boost from the Infrastructure Bill, which passed through the Senate in a 69–30 vote. Now, the Bill heads to the House of Representatives, where it still faces uncertainty about any possible changes. But the Senate passage was enough to lift markets. Now, attention turns to this afternoon’s consumer price index (“CPI”) release, which will serve as an inflation gauge. This could give clues about the Fed’s future policy decisions. European Markets closed higher, led by the Euro-Stoxx which closed higher for the seventh consecutive trading session. German ZEW economic sentiment fell for the third straight month in August, since the economy faces risks from a fourth wave of COVID-19 and Chinese economic slowdown. The European Union reportedly said it will not change its list of countries deemed safe to travel to this week, while considering whether to remove the U.S. from the list. U.K. consumer spending rose in July as the removal of COVID-19 lockdowns spurred an uptick in consumer activity. In Asia, a weaker Yen boosted the earnings outlook for Japanese companies. Australian business confidence tumbled in July, as COVID-19 lockdowns hurt sentiment. South Korea raised its COVID-19 restrictions to the highest possible level as it prepares for another surge in cases. Chinese air travel fell to the lowest level since early 2020 as rising COVID-19 cases forced the government to limit travel. Elsewhere, Oil rose 3% ahead of the API crude inventory release, which was expected to show a decl…

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