U.S. Equity Markets rose in the morning before selling off into the close, finishing the day lower, led by Dow closing with a loss of 0.72%. Markets rose in the early afternoon on positive headlines about COVID-19 treatments. Merck (MRK) officially filed for an emergency use authorisation for its COVID-19 treatment pill. And AstraZeneca (AZN) said that its COVID-19 treatment decreased the risk of severe cases and death by as much as 50%. On China, U.S. Trade Representative Katherine Tai held a call with Chinese Vice Premier Liu He, with both sides agreeing that they should strengthen bilateral cooperation. Later in the day, markets sold off on little news. Investors are still looking ahead to earnings season, with the bulk of quarterly reports beginning tomorrow. European Markets closed lower. There were mixed comments on inflation from central banks. European Central Bank Governing Council member Francois Villeroy de Galhau said he expects inflation to drop below 2% by the end of next year. Bank of England Governor Andrew Bailey said he is concerned that inflation may continue to run above the Central Bank’s target range. Iran’s Oil Minister Javad Owji said the country plans to sell oil and gas in return for goods or investment in its oil industry. In Asia, Japan’s Prime Minister Fumio Kishida said he is not interested in changing the tax rate for dividends and capital gains, easing investor fears. China’s President Xi Jinping called for the reunification of Taiwan with the mainland, saying accomplishing this peacefully is in the best interests of the island’s people. The Bank of Korea is expected to leave interest rates unchanged when updating monetary policy on Tuesday, but it is expected to announce a hike in November. Australia’s largest city, Sydney, ended a 107-day COVID-19 lockdown, allowing fully vaccinated residents to visit retail stores and restaurants once more. Elsewhere, Oil rose 1.40% on reports that OPEC’s production was still below its target, implying lower supply, while Bitcoin surged over 6% on little news.
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