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6th October 2021 Morning Report

Wednesday 6th October 2021

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US stock markets rallied late on Tuesday, after the Nasdaq plunged more than 2% earlier in the day. The Dow Jones Industrial Average rose 426 points, or 1.25%, while the S&P 500 index and the Nasdaq Composite index advanced 1.39% and 1.55%, respectively. 

Other key overseas markets were mainly higher. European exchanges rallied across the board with Germany’s DAX 30 adding 0.42%, Britain’s FTSE 100 rising 0.55% and France’s CAC 40 ending 0.82% up, Hong Kong’s Hang Seng index edged up 0.28%. However, Japan’s Nikkei 225 dropped 2.19%, while China’s Shanghai Composite remained closed on holiday. 

The markets are looking forward to U.S. payrolls data on Friday that could reveal the Federal Reserve’s next move on tapering its support to the economy. The 10-year U.S. Treasury note, a barometer for investor sentiment, edged above 1.5%, as another increase in crude oil futures fuelled inflation fears. Leading fund managers did not want to read much into the markets rallies today, after last week’s general weakness. Most fund managers are of the view that Friday’s report will be telling about the direction for interest rates, the economy and equity markets.

West Texas Intermediate crude oil hit a seven-year high, up $1.45 at $79.07 a barrel. 

Morning Report 6 October 2021



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