Thursday 7th October 2021
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US stock markets recouped earlier losses and turned positive, as investors become more optimistic that congressional Democrats and Republicans could reach a deal to avert a government debt default. In the afternoon trade, the Dow Jones Industrial Average rose 0.14% to 34,363.3 points, while the S&P 500 gained 0.25% to 4,356.69. The Nasdaq Composite added 0.43% to 14,495.61. Stocks fell earlier, after private payrolls increased by 568,000 jobs last month. Economists were expecting a rise of 428,000 jobs. The more comprehensive non-farm payrolls data is due on Friday, which is expected to support the case for the Fed’s slowing of asset purchases. Oil prices hit multi-year highs early, but retreated later. U.S. gas prices are now sitting at around $3.21 per gallon across the nation, which is the highest it has been in the last seven years. Some Energy expectit to be $3.30/gal by the end of the October.
European stockswere adversely impacted by sharply rising energy prices. Automakers, retail and travel shares fell more than 2.5% on Wednesday. Concerns that soaring oil and gas will lead to inflation denting economic growth. The pan-European STOXX 600 index fell 1%, losing virtually all of the gains made on Tuesday. Asian equities have been adversely impacted by foreign investors selling due to concerns about China’s property sector and expectations that major central banks would raise interest rates soon, as well as about rising inflationary pressures. Bothe The nikkei225 and the Hang Seng were down 1.05% and 0.57%. The Shanghai Composite was up 0.9%.
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