7th July 2021 Morning Report

U.S. equity markets closed mixed with the Nasdaq hitting record highs, finishing 0.17% higher, while both the Dow Jones Industrial Average and the S&P 500 slid off all-time highs, finishing down 0.59% and 0.2%, respectively on the back of a slowdown in the services sector. The services sector, which accounts for more than two-thirds of economic activity, slowed last month due to supply-chain issues and disruptions caused by COVID-19.

Other leading offshore markets were broadly lower, with the German DAX closed 0.96 lower, France’s CAC lost 0.91% and Britain’s FTSE 100 declined 0.89%. In Asia, Hong Kong’s Hang Seng index slipped 0.25%, China’s Shanghai Composite fell 0.12% and Japan’s Nikkei 225 ticked up 0.16%. 

West Texas Intermediate crude oil prices were sharply lower after spiking as much as $1.82 to $76.98, but then closed at $73.37 a barrel after production talks between OPEC and its allies broke down. The rising oil prices are threatening the recovery.

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