Trader Noble Market Commentary 18/08/2021

On 18/08/2021 is bringing you Bryan Noble. U.S. Equity Markets sold off on weak Retail Sales data, led by the NASDAQ 100 which closed lower by 0.91%. This move lower saw the VIX end yesterday’s session with a gain of over 11%. According to data from the U.S. Census Bureau, Retail Sales fell 1.1% in July, a steeper decline than the estimated 0.3% drop. This sparked concerns over a slowing economic recovery, as consumer spending is the largest component of GDP. The Federal Reserve remained in focus. In an interview with Boston Fed President Eric Rosengren made headlines. Rosengren said a strong economic recovery could see the Federal Reserve completely wind down its asset purchases by the middle of next year. In other economic data, the NAHB’s Housing Market Index showed that homebuilder sentiment was at a 13-month low. However, homebuilders remained extremely optimistic about housing demand. European Markets closed lower. Euro-Zone preliminary second-quarter gross domestic product (“GDP”) data was in line with expectations, as hiring expanded once more. The European Central Bank is expected to discuss slowing the pace of its sovereign bond purchases at the upcoming September meeting, as the regional economy recovers. European companies saw a surge in stock buyback announcements during the second quarter, with Morgan Stanley anticipating the total could surpass 2019’s record level of $100 billion. In Asia, The People’s Bank of China is likely to lower banks’ required reserve ratio once more in the fourth quarter, according to state-run media outlet China Securities Journal. And China’s government unveiled a new set of rules aimed at regulating large tech companies. Japan’s government said it would expand social-distancing restrictions to more prefectures and extend the deadline to September 12 in an attempt to bring the coronavirus spread under control. The Reserve Bank of Australia’s latest Meeting Minutes said it stands ready to provide addition…

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