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9th September 2021 Morning Report

Thursday 9th September 2021

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U.S. stock markets slipped yesterday, with investors expressing concern both about the strength of the U.S. economy and the uncertainty about when the Federal Reserve may reduce its accommodative policies. The Dow Jones Industrial Average slid 0.25%, while the S&P 500 index and the Nasdaq Composite index lost 0.13% and 0.57%   respectively. Most of the 11 S&P 500 sector indices fell, with materials, energy, and technology showing some of biggest falls. Since Friday markets have been on uneasy ground, following the underwhelming August jobs report. The market will gain further insights into the strength of the economy, when the Federal Reserve’s Beige Book, its compendium of anecdotal reports about the economy is released today. The Cryptocurrency exchange Coinbase Global Inc. fell more than 3%, after the U.S. securities regulator threatened to sue if it goes ahead with plans to launch a crypto lending scheme.

Other key overseas markets were mainly lower, with Germany’s DAX 30 dropping 1.04%, Britain’s FTSE 100 lower by 0.54% and France’s CAC 30 sliding 0.56%. Hong Kong’s Hang Seng index and China’s Shanghai Composite slipped 0.12% and 0.04%, respectively, while Japan’s Nikkei 225 was 0.89% higher.  

West Texas Intermediate crude oil jumped $1.16 to $69.51 per barrel and gold edged up 20 cents to $1,798.70 an ounce. 

Morning Report 9 September 2021

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