Equity Markets closed lower in both the U.S and Euro-Zone with Financial Stocks leading the decline after Buzzfeed reported suspicious activity in both Deutsche Bank and JP Morgan. Yesterday was the worst day for European Indices since March, led by the DAX which closed almost 5% lower. On top of this the weekly close in both the S&P and Dow below their respective 50-Day Moving Average triggered a sell signal for commodity trading advisers (“CTAs”). This triggered an algo sell trigger. The TikTok-Oracle-Walmart deal was also in headlines, after President Donald Trump reportedly said he may renege on approval of the acquisition. The new Supreme Court vacancy raised some concerns in the market, as the Congressional fight over the vacancy threatened to further cloud the federal spending outlook. It also raised uncertainty around the upcoming Affordable Care Act decision, taking some of the wind out of health care’s sails. The New York Federal Reserve released its Monthly Spending Report, showing that survey respondents became more pessimistic about job prospects in August. The Dow was down over 3.25% before a late rally cut these losses in half. The European Central Bank was said to be considering transferring resources from its pandemic-related programme to other asset purchase schemes to further support the economy. Germany’s Bundesbank warned the economic recovery could slow throughout the rest of the year. British Health Secretary Matthew Hancock cautioned the country could bring back national lockdowns unless more was done to contain the recent resurgence in Coronavirus infections. Italians headed to the polls for regional voting in what could be seen as a referendum on the current government ahead of the general election in 2023. Elsewhere, the Dollar rallied 1% leading to a 2.39% fall in Gold, while Oil fell 3.6% on supply worries as Libya restarted crude production.
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