U.S. Equity Markets reversed most of Friday’s gains as Interest Rate fears took centre stage again, finishing the day lower, led by the NASDAQ 100 which closed lower by 2.16%. Markets fell as Interest Rates picked up again. Remember, this is the theme the bears are pushing to try and drive the markets lower. They are saying that interest rates are picking up, indicating that borrowing costs will rise as well. And that hurts the growth outlook for companies. Tech companies were the most vulnerable to a sell-off on these fears. Elsewhere, the China trade deal was back in focus. United States Trade Representative Katherine Tai said the country needs to draw a stronger line with China on trade. She discussed the current Phase One Trade Agreement with China. She said the trade relationship between China and the U.S. is of profound importance. It not only affects the outcome for the global economy but it has consequences for workers everywhere. Thus, any headlines around U.S.-China tensions could have a large impact on markets going forward. European Markets closed lower. European Central Bank Governing Council member Ignazio Visco said it should be careful reacting to temporary price increases and not pull back on monetary support too soon. Sentix’s Euro-Zone Investor Confidence data for October was weaker than anticipated, as survey respondents were less optimistic about the current and future environments. U.K. Chancellor of the Exchequer Rishi Sunak said the country was lining up $679 million in funding to help spur growth in the job market. In Asia, Japan’s ruling Liberal Democratic Party Secretary General Akira Amari said it is preparing a large extra budget to boost long-term economic growth. The U.S. State Department called on China to end its practice of “provocative” flybys near Taiwan, saying the flights risk undermining regional political stability. South Korea’s ministry of health said 77.3% of the country’s population has received the first COVID-19 vaccine shot while 52.6% of citizens are now fully vaccinated. Equity markets in China and Taiwan were closed for a public holiday. Elsewhere, Oil gained 2.25%, hitting a seven-year high after OPEC decided not to boost its monthly production by more than planned, while Bitcoin rose a further 2.53%, again on little news.
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