27th September 2021 Morning Report

Monday 27th September 2021

U.S. stock markets closed mixed on Friday, as worries continued to swirl over the fate of the troubled Chinese property developer Evergrande. Evergrande missed a Thursday deadline to make an $83.5 million interest payment. The company is now in a 30-day grace period that ends in default if the payment is not made. The Dow Jones Industrial Average ended 0.09% op, while the S&P 500 index closed 0.15% higher and the Nasdaq Composite index declined 0.03%. These indices ended in marginally positive territory for the week.

Coinbase Global Inc. and other crypto-related names were under pressure, as Bitcoin dropped almost 5% after Bloomberg reported that China had declared all crypto transactions illegal.

Other key overseas markets closed Friday mainly in the red, with France’s CAC 40 falling 0.95%, Germany’s DAX 30 closing 0.72% lower and Britain’s FTSE 100 slipping 0.38%. In Asia, Hong Kong’s Hang Seng index fell 1.3% and China’s Shanghai Composite index slipped 0.8%. Japan’s Nikkei 225 was the exception, ending 2.06% higher.

West Texas Intermediate crude oil added 68 cents to close at $73.98 a barrel and gold rose $2 to $1,749.70 an ounce on Friday.

Morning Report 27 September 2021

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