(Bloomberg) – US stocks floated for five days as oil companies extended their lead to a six-week high. Bond production declined and the dollar did not change much with its major peers.
The S&P 500 closed in the green after trading between profits and losses for most trading sessions. Falling into Moderna helped keep Nasdaq 100 in a negative zone. OPEC predicts strong demand for a combination of global oil consumption and power outages. For the first time in 13 years, the supply of industrial metals has risen in London, with 3,000 tons of aluminum.
“The market is not overvalued, but not as low as it used to be,” said Brian Wesbury, chief economist at First Trust Consultants. The slowdown in gross domestic product (GDP) may slow down profit growth, but inflation will increase long-term interest rates. Covi-related restrictions that restrict service recovery are still a concern.
Traders are already marking the crucial inflation information to use to assess expectations for stimulus and interest rate hikes. A report on Tuesday could show consumer prices in the United States in August.
Elsewhere, Chinese technology stocks collapsed after authorities reported that an ant group was trying to dismantle the alipine. The country’s online forums were also told to protect workers’ rights in the so-called Gig Economy. MSCI Inc. The Asia-Pacific Index retreated for the third time in four sessions.
With strong earnings reports and rapid recovery from the epidemic, global stocks increased. In the last few weeks, there has been a lot of emotional turmoil in recent weeks as prices have risen, with the Coronavirus Delta variant expected to return to normal. Retail and travel shares declined.
“Since the beginning of last week, the economic downturn in the United States, the weakening recovery in Europe, and the unpredictable decline in the markets have begun to enter the global equity markets as a long list of shocks. China, whose control measures and its impact on investment are yet to be measured, ”he said. Sebastian Gali, senior macro strategist at Nord Investment, wrote in a note to clients.
Meanwhile, President Joe Biden faces a $ 3.5 trillion tax and expenditure plan challenge. Democrat Sen. Joe Manchin is skeptical of the timeline for pushing Binding’s economic agenda through Congress, and the proposed tax rates could increase.
Here are some of the highlights this week:
U.S. Consumer Price Index, Apple Apple Product Launch Event, Tuesday China Retail Sales, Property Prices, Industrial Production, Wednesday for US Markets
For more market analysis, read our MLIV blog.
Some major activities in the markets:
New York time 4:07 pm S&P 500 0.2% increase Nasdaq 100 not much change Dow Jones Industrial Average 0.8% MSCI global index has not changed much
Bloomberg Dollar spot index has not changed much Euros have changed slightly at 1.1808 British Pounds have changed at least 1.3835 Japanese yen per dollar at 110.01
Gross Domestic Product Index: Two base points to 1.32% German 10-year GDP has not changed much by -0.33% British Gross 10-year GDP decreases to 0.74%
West Texas Intermediate crude oil rose 1.3% to $ 70.65 Gold futures rose 0.2% to 1,794.80 ounces
More stories like this can be found at bloomberg.com
Sign up now to stay up-to-date with the most trusted business news source.
21 2021 Bloomberg LP