U.S. Equity Markets took a small breather after reaching new highs on Monday, finishing the day lower, led by the Dow which closed with a loss of 0.56%. Reimposed COVID-19 restrictions spooked investors. California Governor Gavin Newsom said the State was pulling the emergency brake, reinstituting bans on indoor businesses, instituting a mask mandate, and considering a curfew. New Jersey and Philadelphia also brought back restrictions to slow the spread of the virus. In terms of Economic data, October Retail sales rose, but missed estimates. This sparked concerns over slowing consumer spending without another stimulus package. But Industrial Production for October and the NAHB Housing Market Index for November both beat estimates. Federal Reserve Chairman Jerome Powell also spoke, saying that the central bank won’t pull back its emergency tools anytime soon. This is a good indication that the Fed will continue to act to support the U.S. economy. Euroepan Indices also closed lower. Irish Foreign Minister Simon Coveney said he hoped a post-Brexit trade deal between the European Union and Britain could be reached in the next couple of weeks. German Chancellor Angela Merkel and State leaders were said to agree on delaying a decision on new Coronavirus restrictions until November 25. Bank of England Governor Andrew Bailey said the Central Bank’s Quantitative Easing measures will prevent unwanted tightening in financial markets. French Health Minister Olivier Véran said the Nation was regaining control over the Coronavirus, but cautioned that it’s not yet ready to ease restrictions. Elsewhere, Oil closed flat on reports that OPEC was set to extend its production cuts into 2021 to combat rising crude inventories.
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