U.S. Equity Markets gained to start the week, reversing all of last week’s losses as both the S&P and NASDAQ 100 made new all-tome highs. The NDX led yesterday’s gains, closing higher by 1.46%. Markets opened higher and rose throughout the day. The big catalyst for this week is the Federal Reserve Bank of Kansas City’s annual Economic Policy Symposium at the end of the week in which investors will be watching for any updates on stimulus removal. In other central-bank news, Treasury Secretary Janet Yellen was said to have told President Joe Biden she would endorse Jerome Powell for another term as Federal Reserve chairman. In terms of economic data, Existing Home Sales posted the second straight month of gains, showing resiliency in the housing market. The Food and Drug Administration (“FDA”) announced that Pfizer and BioNTech’s COVID-19 vaccine had received full approval, which sparked hopes that vaccination rates could pick up once again. European Markets closed higher. Markit Euro-Zone’s preliminary composite purchasing managers’ index (“PMI”) data for August was in line with expectations, falling versus July, as manufacturing growth slowed. European Central Bank Governing Council member Isabel Schnabel said that she is more worried about inflation being too low than it being too high, while adding that high vaccination rates will likely mean Europe avoids another hard lockdown. German exports within the European Union are increasingly having to compete with imports from China, according to a study by the Cologne Institute For Economic Research. In Asia, Markit Japan’s preliminary composite PMI data for August fell versus July, as services sector activity declined due to the resurgence in coronavirus infections, while manufacturing held up. Taiwan’s government said it anticipates the global supply versus demand picture for automotive semiconductors to come back into balance in the fourth quarter of this year. South Korea’s preliminary export figure for August rose versus July, driven by demand from the U.S. and China, as global demand for semiconductors and automobiles remained strong. The People’s Bank of China continued to let the yuan weaken, boosting the demand outlook for exporters and economic growth. Elsewhere, Oil surged 5.63%, snapping its losing streak, jumping about $65, while Gold rose 1.27% on Dollar weakness.
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