U.S Equity Markets closed mixed after bouncing around for most of Friday’s session. The Dow closed 0.24% lower while the NASDAQ 100 finished Friday with a gain of 0.11%, to have it’s best week since April at +7%. COVID-19 trends still weighed on investor sentiment. New Jersey Governor Phil Murphy indicated the State is close to introducing more restrictive measures to try and combat the COVID-19 spread. But economic data were positive. Non-Farm Payroll data for October was much stronger than expected. And the Unemployment rate fell below 7%, also beating expectations. These are two indications that the U.S. economy continues to recover. On the Stimulus front, Senate Majority Leader Mitch McConnell said that a Coronavirus Support Bill will be a top priority when Congress returns from recess. European Indices closed lower after four consecutive days of gains. French Health Minister Olivier Véran warned the country must respect the current lockdown measures or prepare for a stronger, longer second wave. German Industrial Production data for September was weaker than expected, pointing to a slowing economic recovery. Italy’s statistics bureau said that the country’s economic indicators have returned to pre-COVID levels, while warning the outlook remains uncertain. Paris announced new lockdown measures, while Italy began enforcing previously announced restrictions. Elsewhere, the Dollar weakened further, while Oil closed 3.51% lower on oversupply fears due to reports that Iraq has boosted production above the OPEC quota. This morning U.S Equity Futures are surging, led again by the NASDAQ which is trading higher by 2%.
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