Trader Noble Market Commentary 12/08/2021

On 12/08/2021 is bringing you Bryan Noble. U.S. Equity Markets bounced around as investors digested inflation data, before closing mixed as the Dow closed at a new all-time high with a gain of 0.62% while the NASDAQ 100 closed lower by 0.17%. Inflation data was the big story of the day. According to the Bureau of Labour Statistics, CPI — which measures price increases for a basket of goods — rose 4.3% in July when excluding volatile products like energy and food. That was in line with Wall Street’s estimate. That is well above the Federal Reserve’s target of 2%. But, more importantly, it came in below June’s reading of 4.5%. If inflation does begin to trend lower as we head into November, it could indicate that inflation is beginning to return to normal levels, around 2%. Federal Reserve speakers were also in focus. Chicago Federal Reserve President Charles Evans said that he would like to see a few more months of jobs data before the central bank begins to taper its asset purchases. This was followed by Dallas Fed President Robert Kaplan, who said that he supports a tapering announcement in September, before beginning the actual tapering in October. European Markets again closed higher The British government said that more than 75% of its population had received two doses of a COVID-19 vaccine, and 89% had received at least one dose, helping the prospects for reopening the economy. German CPI came in at 3.1% for July, matching estimates, driven primarily by higher energy prices and easy comparison to last year’s period. London’s Heathrow Airport saw 1.5 million travellers in July, a 70% jump from the same month in 2020, as the U.K. loosened its travel restrictions from other countries. In Asia, Japanese holding company SoftBank said it would hold off on investing in Chinese technology companies until it gets a clearer picture of the regulatory landscape. South Korea’s unemployment rate unexpectedly fell in July, as government support helped low…

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