Trader Noble Market Commentary 26/07/2021

On 26/07/2021 is bringing you Bryan Noble. U.S. Equity Markets ended the week at new all-time highs, led by the NASDAQ 100 which ended Friday’s session with a gain of 1.15%. On infrastructure, Senate Republicans struck an increasingly optimistic tone on negotiations, implying the chances of reaching a deal early this week are improving. In terms of economic data, IHS Markit Manufacturing PMI hit another all-time high in June. But Services PMI fell to a five-month low as businesses cited labour shortages. All in all, the data points to continued strength in the U.S. economy. Now, all eyes are on this week, with the Federal Reserve’s policy meeting and earnings from Big Tech companies like Apple (AAPL), Facebook (FB), and Alphabet (GOOGL). These companies make up a large weighting in the markets, so their results will be a catalyst for markets. European Markets closed higher. European Central Bank President Christine Lagarde said it was prepared to maintain easy-money policy for the foreseeable future in order to ensure a lasting economic recovery. Markit Euro-Zone’s preliminary composite purchasing managers’ index (“PMI”) data for July was stronger than expected as services-sector activity strengthened. UK Retail Sales rose more than expected in June, boosted by spending throughout the European Football Championship tournament. In Asia, Japanese markets remained closed for a holiday. China’s State Council said it would further open up its financial markets to foreign investment in an effort to boost growth. Markit Australia’s preliminary PMI data for July fell back into contraction territory for the first time since last August, as coronavirus lockdowns weighed on services and manufacturing activity. South Korea’s government said it would extend a ban on gatherings of three or more people in the Seoul area for another two weeks as it tries to combat rising COVID-19 infections. Elsewhere, Oil closed 0.18% higher, while Bitcoin surged over the week…

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