COVID-19 trends spooked Equity Markets, which finished the day lower, led by the Dow closing with a loss of 1.08% on what turned out to be another volatile trading session. U.S. case trends continued to hit record highs, bringing concerns that U.S individual States would soon reimpose stricter measures to stop the spread of the virus. In terms of economic data, Jobless Claims fell from last week and beat estimates. They also hit the lowest level since spiking in March. Continuing Claims, which represent those that have filed for Unemployment for at least two weeks, were 6.78 million, versus the expectation for 6.82 million and a revised 7.2 million in the week prior. But there are worries that rising cases (and the restrictions that come with them) could hurt the job market’s recovery in the coming weeks. In a speech, Federal Reserve Chair Jerome Powell said that he expects more stimulus to come from both the Central Bank and the Federal Government. European Indices closed lower after Euro-Zone Industrial Production data for September came in were weaker than expected, unexpectedly declining, and indicating the economic recovery was slowing before new COVID-19 restrictions. But there were hopes of more support… German Finance Minister Olaf Scholz said the country could enact more stimulus measures, if necessary, to support the economy. European Central Bank President Christine Lagarde said the ECB will continue to focus on Bond Purchases and loans to support the regional economy. Bank of Spain Chief Economist Oscar Arce said the European Central Bank must introduce additional monetary stimulus in December to avoid deflation. Elsewhere, Oil closed 1.25% lower after the International Energy Agency lowered its global oil demand forecast for this quarter by 1.2 million barrels per day, warning recent vaccine success does not mean a quick turnaround, while Gold rose 0.67% on Dollar weakness.
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