29th October 2021 Morning Report

U.S. stock markets were slightly higher as market participants digested the disappointing GDP data. The U.S. economy grew at a 2% annual rate in the three months through September, missing the 2.7% growth that the market expected. Consumer spending also slowed due to a resurgence in new COVID-19 cases and supply-chain bottlenecks, while jobless claims fell to a pandemic-era low. The Dow Jones Industrial Average was up 0.48%, while the S&P 500 and the Nasdaq Composite rose 0.46% and 0.52%, respectively.

Other key markets were mostly lower. Germany’s DAX 30 was down 0.07% while France’s CAC 40 rose 0.61%. Britain’s FTSE 100 was lower by 0.21%. Hong Kong’s Hang Seng slid 0.28%, Japan’s Nikkei 225 fell 0.96% and China’s Shanghai Composite dropped 1.23%. 

West Texas Intermediate crude oil slid thirty-nine cents to $82.27 a barrel as gold ticked up $5.10 to $1,803.90 an ounce. 

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