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7th December 2021 Morning Report

Tuesday 7th December 2021

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U.S. stock markets rallied as fears over the omicron Covid-19 variant eased, despite rising inflation and uncertainty over the Federal Reserve's tapering plan. On Monday, the National Association of Business Economists’ latest survey indicated inflationary pressures may increase. The NABE panellists forecast that the overall consumer price index will rise 6% year-on-year in the fourth quarter of 2021, compared to September's forecast of 5.1%. CPI inflation is expected to remain high, at least until the end of 2022 at 2.8% year-over-year, compared to September's forecast of 2.4%. The Consumer Price Index data will be released on Friday. 

This morning the Dow Jones Industrial Average was up 1.87%, while the S&P 500 and Nasdaq Composite rose 1.25% and 1.04%, respectively. 

Other key markets ended mixed. European stocks closed higher as follows: the FTSE100 (+1.54%), the Dax 30 (+1.39%), CAC 40 (+1.48%) and the STOXX (1.28%). In Asia, the Hang Seng and Shanghai indices were down after troubled Chinese property developer Evergrande warned it may run out of money. In a move to reassure in investors China’s central bank cut the amount of funds that banks are required to keep in reserve, which freed 1.2 trillion yuan ($190 billion) for banks to lend. The key Asian indices ended yesterday as follows: Nikkei 225(-0.36%), HSI (-1.76%) and the Shanghai Composite (-0.50%)

The yield on the US 10 - year note was at 1.434%, while the 2 - year note was at 0.635%. Oil also rose to the $69.88 per barrel, up 5.46%. The gold price was at US$1778.50 per ounce, down 0.3%. 

Morning Report 07 December 2021

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