U.S. Equity Markets bounced around to start the week, finishing the day mixed, in a session where the Dow closed lower by 0.16%, while the NASDAQ 100 surged to new all-time highs with a gain of 1.12%. Markets rose to new all-time highs on a relatively quiet day. The White House raised its 2021 domestic economic growth expectation from 5% to 7.2% due to a quicker-than-expected rebound driven by increasing vaccinations. Economic data was weak, with both Pending Home Sales and the Dallas Federal Reserve Manufacturing Index falling short of estimates. The big economic data point comes out later this week, with the Labour Department’s Non-Farm Payroll and Unemployment rate report. This will be closely watched, as the labour market’s recovery is a key indicator of when the Federal Reserve will begin to withdraw economic support. European Markets closed higher. The European Union was said to prepare a recommendation to halt non-essential travel from the U.S. due to the rising rate of COVID-19 Delta variant infections. European Central Bank Governing Council member François Villeroy de Galhau said it needs to account for the improving economic conditions, implying a potential slowdown in bond purchases. German Chancellor Angela Merkel’s Christian Democratic Union Party continues to lose ground to the Social Democrats, ahead of the September 26 election. In Asia, Japanese Prime Minister candidate Fumio Kishida said the government must launch a new economic stimulus package worth roughly $300 billion “as soon as possible.” The People’s Bank of China added $6.2 billion worth of liquidity to the financial system in an attempt to keep the banking system well supplied with funds and support the growth outlook. Japan’s Retail Sales data for July was stronger than expected, rising versus June on a year-over-year basis, as department store sales held up. Australia’s second-quarter company operating profits exceeded expectations, and the mining, information technology, and financial services sectors led the gains. Elsewhere, Oil rose 0.39% as Hurricane Ida shut down nearly all of U.S. production in the Gulf of Mexico, while Gold fell 0.35% on little news.
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