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27th September 2021 Morning Report

Monday 27th September 2021

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U.S. stock markets closed mixed on Friday, as worries continued to swirl over the fate of the troubled Chinese property developer Evergrande. Evergrande missed a Thursday deadline to make an $83.5 million interest payment. The company is now in a 30-day grace period that ends in default if the payment is not made. The Dow Jones Industrial Average ended 0.09% op, while the S&P 500 index closed 0.15% higher and the Nasdaq Composite index declined 0.03%. These indices ended in marginally positive territory for the week.  

Coinbase Global Inc. and other crypto-related names were under pressure, as Bitcoin dropped almost 5% after Bloomberg reported that China had declared all crypto transactions illegal. 

Other  key overseas markets closed Friday mainly in the red, with France’s CAC 40 falling 0.95%, Germany’s DAX 30 closing 0.72% lower and Britain’s FTSE 100 slipping 0.38%. In Asia, Hong Kong’s Hang Seng index fell 1.3% and China’s Shanghai Composite index slipped 0.8%. Japan’s Nikkei 225 was the exception, ending 2.06% higher. 

West Texas Intermediate crude oil added 68 cents to close at $73.98 a barrel and gold rose $2 to $1,749.70 an ounce on Friday.

Morning Report 27 September 2021

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