U.S. Equity Markets tried to rebound from the losses earlier in the week, ending yesterday’s session mixed, as the Dow closed higher by 0.26% while the NASDAQ 100 fell 0.12%. Markets attempted to bounce back from the two declines so far this week. Interest rates backed off their highs from yesterday, easing some of the recent fears over rising long-term rates. Fed speakers continued to make headlines. Federal Reserve Bank of St. Louis President James Bullard said the domestic economy is fully recovered and he sees the central bank starting the asset purchase taper next month. Fed Chair Jerome Powell continued his testimony before Congress, saying that he sees the current inflation pressures carrying on into next year. This is not anything different than he said yesterday. In terms of economic data, Pending Home Sales surged in August, in another strong showing for the housing market. European Markets closed higher. European Central Bank Governing Council member Peter Kazimir said the Emergency Policy Programme is in its final stages, but policy will remain flexible going forward. Euro-Zone economic confidence data for September was stronger than expected, rising versus August, as consumers were increasingly optimistic about the outlook. Euro-Zone consumer activity has rebounded to pre-pandemic levels, with people returning to domestic travel, shopping, and other activities, according to the Financial Times. In Asia, People’s Bank of China Governor Yi Gang said global central banks should avoid asset purchases because they are damaging over the long term and create moral hazards. China purchased a 20% stake in Shengjing Bank for $1.55 billion in an attempt to minimise domestic financial-system fallout from real estate developer China Evergrande’s debt woes. Japanese technology stocks fell on Micron’s disappointing revenue guidance and concerns higher interest rates could raise borrowing costs, weighing on profits. South Korea’s Chamber of Commerce and Industry said its fourth-quarter business sentiment index showed manufacturers expect conditions to worsen due to rising infections and supply-chain issues. Elsewhere, Oil fell 0.99% after EIA data showed an unexpected rise in U.S. crude inventories, while Gold closed 0.74% on continued Dollar strength.
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