Friday 20th August 2021 |
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U.S. share markets shrugged off the US Federal Reserve’s possible commencement of a tapering programme and reversed earlier losses. The Dow Jones Industrial Average closed 0.4% lower, while the S&P 500 and the Nasdaq Composite rose 0.33% and 0.5%, respectively. The benchmark 10-year yield was down to 1.23%. as traders rotated out of stocks into treasuries. Interest-rate sensitive companies, such as JPMorgan Chase & Co., Bank of America Corp., and Visa Inc., underperformed. Energy-related companies were between 2.82% and 4.29% down, as West Texas Intermediate crude oil fell $2.04 to $63.42 a barrel amid concerns that increasing COVID-19 infections world-wide could negatively impact global economic recovery.
Other leading overseas markets were all lower. France’s CAC 40 paced the declined 2.43%, Britain’s FTSE 100 and Germany’s DAX 30 fell 1.54% and 1.25%, respectively. In Asia, Hong Kong’s Hang Seng tumbled 2.13%, Japan’s Nikkei 225 1.1% and China’s Shanghai Composite slipped 1.1% and 0.57%. and respectively.
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