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20th July 2021 Morning Report

Tuesday 20th July 2021

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U.S. stock experienced some of their steepest single-day declines of the year on Monday as the recent rise in the Covid-19 infections worried markets of an economic slowdown. Infections have jumped 70%.

 

The Dow Jones Industrial Average fell 2.09% the worst session of 2021. While the S&P 500 and the Nasdaq Composite declined 1.58% and 1.06%, respectively, the worst fall since May.

Investors sought safety in the U.S. Treasury market with the yield on the 10-year note falling 10 basis points to 1.18%, the lowest since March of 2020. Banking stocks and stocks linked to ongoing economic recovery experienced large drops.

Other overseas markets were sharply lower. European bourses were sharply lower with Germany’s DAX 2.62%, France's CAC 40 2.54%, and Britain’s FTSE 100, 2.34% down respectively.  In Asia, Hong Kong’s Hang Seng index and Japan’s Nikkei 225 fell 1.84% and 1.25% fell respectively. China’s Shanghai Composite was little changed.

West Texas Intermediate crude oil tumbled $5.39 to $66.42 a barrel, the lowest since May 28, after OPEC members and some non - OPEC members agreed to increase production 2 million barrels per day from August. 

Morning Report 20 July 2021


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