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26th July 2021 Morning Report

Monday 26th July 2021

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The Dow Jones Industrial Average hit a new historic milestone on Friday, when it closed above 35,000 on good solid corporate earnings results, after registering its worst drop of 725.81 points, since October, last Monday, on the back of sharply rising Covid -19 cases. So far, 88% of S&P 500 companies have reported better-than-expected second-quarter profits. The Dow's impressive performance lifted both the S&P 500 and the Nasdaq Composite. 

The markets are now looking to see what the Federal Reserve will announce on Wednesday, regarding interest rates and stimulus pullback. Powell promised there will be no surprises when it comes to "tapering." 

Other overseas markets closed mixed. 

European stocks also closed at all-time highs on Friday, as optimism about the earnings season and the European Central Bank’s pledge of continued monetary support outweighed risks of a resurgence in COVID-19 cases. The European STOXX 600 index reached a new record high of 461.75, an increase of 1.1%. The weekly rise of 1.5% was the biggest gain, since early May. 

However, Asian markets were mixed. Chinese shares ended lower on Friday, shrinking gains for the week. The CSI300 index fell 1.2% to 5,089.23, while the Shanghai Composite Index lost 0.6% to 3,550.40 points. The Hang Seng index also fell 1.5% to 27,321.98, while the Japanese 225 Index closed 0.58% higher.

Morning Report 26 July 2021

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