Trader Noble Market Commentary 30/06/2021
On 30/06/2021 TraderTalent.com is bringing you Bryan Noble. U.S. Equity Markets traded in a narrow range yesterday with no real direction as both the S&P and NASDAQ again closed at new all-time highs. The NDX led the rally with a gain of 0.33%. Markets opened higher before selling off throughout the day. U.S. Consumer Confidence hit a 16-month high thanks to growing labour market optimism, economic reopenings, and reduced inflation fears. Home prices in the U.S. also rose at their fastest pace in 15 years in April, signalling the demand for homes continues to outweigh the existing supply. President Joe Biden touted the $1 trillion bipartisan infrastructure proposal in a Wisconsin speech, saying that it would come with millions of jobs to support the economy. Banks were also in focus, with multiple big banks boosting dividend payouts after the Federal Reserve said they passed the recent round of stress tests. European Markets closed higher. Euro-Zone Economic Confidence data for June topped the consensus compared to May, hitting their highest level in 21 years. German Finance Minister Olaf Scholtz explained that the country has enough flexibility to offer economic support, adding that it should not change its mandate to borrow more money. European Central Bank Governing Council member Jens Weidmann noted it would withdraw emergency stimulus once the economic rebound is on more solid ground. In Asia, The People’s Bank of China noted the country’s economy is on pace for a stable rebound and that it would maintain ample liquidity in its financial system. Japan’s Retail Sales for May were better than anticipated, as the rate of decline improved compared to April, suggesting consumer activity may be improving. The Bank of Japan is considering adding interest rates to reserves to foster growth of lenders making loans to fight climate change. South Korea’s ruling party said it intends to pass legislation that would provide $30 billion in pandemic relief funds to hou…
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