Market Commentary - September 3, 2021
US stock markets hit record highs on Thursday ahead of today’s labor market report which will help set the path of monetary policies that have supported the markets during the pandemic. Both S&P 500 and Nasdaq rose 0.3% and 0.1% respectively.
In Europe, the overall tech industry is up more than 13% so far this quarter, outperforming the broader Stoxx 600 benchmark. Meanwhile, FTSE 100 closed up 0.2%, while DAX and CAC40 both edged up 0.1%.
Elsewhere in Asia, China stocks ended lower on Friday, caused by fresh signs of economic slowdown although losses were limited by upbeat brokerage shares after Beijing’s plans for a new stock exchange. On the other hand, South Korean shares ended higher in today as record closing highs on US stock indexes boosted risk appetite, its benchmark KOSPI closed up by 0.79%.
Moreover, Bitcoin has pushed through the psychological 50,000 USD barrier for the first time since 23rd Aug. Such bullish impulse appears to have originated from a significant increase in buying pressure by institutional investors.
Figure 1 (Source: IS Prime) Bitcoin Daily : Bitcoin price remained resilient and looking to maintain strong momentum ahead of 50,000 level.
- The newest monthly US unemployment claims came out to be 340K, which is a decrease of 14K from the previous week’s revised level. This is also the lowest level for initial claims since March 2020.
- In Spain, we have also seen a historic drop in registered unemployment in August, down by 82.6K as of the newly released statics.
Headliner to Watch
- The UK construction PMI is due to release on Monday with the previous figure of 58.7.
Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary, and does not constitute investment advice.
Topics: Market Commentary