U.S Equity Markets built on Wednesday’s gains by closing higher across the board in what turned out to be a quiet trading session. Jobless Claims rose from the prior week, coming in above estimates. While this indicates that the job market’s recovery may be stalling, the four-week average for Jobless Claims fell again. Continuing Claims, which represent those that have filed for Unemployment for at least two weeks, fell again and beat estimates. This is a positive sign for the job market. Stimulus news was mixed, after House Speaker Nancy Pelosi said she would not support a bill for airlines without a full deal. She added that the economy needs a large package, and not the “skinny” $1.6 trillion bill proposed by Republicans. But Treasury Secretary Steven Mnuchin is reportedly considering restarting talks on a broader package. Market expectations for a Joe Biden win in November continued to grow. This is sparking optimism over a large Stimulus Bill being passed at the beginning of next year. The Russel 2000 led yesterday’s gains, closing 1.09% higher while the S&P finished with a gain of 0.8%. Meanwhile European Equities rallied despite the increase in Coronavirus cases across the EU. European Central Bank President Christine Lagarde pledged not to remove stimulus from the European economy prematurely. Bank of England Governor Andrew Bailey said that the central bank is not yet out of tools to support the economy. But it was not all good news. Daily coronavirus infections continued to rise as France reported a record number of new cases and Italy saw its highest total since April. And the Belgian city of Brussels issued a “code red” lockdown of all bars and cafes for at least a month. Elsewhere, Oil closed 3.28% higher as Saudi Aramco disputed reports that we’re close to “peak” oil demand, while Gold rose 0.37% on Dollar weakness.
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