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9th July 2021 Morning Report

Friday 9th July 2021

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US stock markets closed lower, retreating from the previous record closing highs in a broad sell-off, due to concerns about the impact of the spread of Covid -19 variants on global growth. The sharp selloff in the stock markets directed investors into bonds, pushing the 10-year yield down to 1.287%, the lowest since Feb.18. The Dow Jones Industrial Average fell 0.74%, while the S&P 500 and the Nasdaq Composite declined 0.85% and 0.72%, respectively. 

Chinese tech stocks listed in the U.S. tumbled amid concerns Beijing will toughen measures overseas listed Chinese companies. Didi Global has fallen 27% since the beginning of July after Chinese regulators announced an investigation into national data security risks at the company. 

European markets were lower with France’s CAC 40 and Germany’s DAX 30 declining 2.01% and 1.73%, respectively, after the European Central Bank tweaked its inflation target to 2% "over the medium term," which will allow for inflation to run above this level for a short period. Britain’s FTSE fell 1.68%.

In Asia, Hong Kong’s Hang Seng index fell 2.89%, Japan’s Nikkei 225 slid 0.88% and China’s Shanghai Composite slipped 0.79%. 

West Texas Intermediate crude oil reached $72.94 a barrel, while gold closed at $1,799.60 an ounce, but was slighly higher early this morning.

Morning Report 9 July 2021


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