July 31st Morning Report

US markets closed higher on Friday as a resilient US economy and expectations of a nearing peak in the Federal Reserve's monetary policy tightening cycle are emboldening stock investors, even as worries persist over rising valuations and the potential for inflation to rebound. The Dow Jones Industrial Average closed up 0.50%, while the S&P 500 and Nasdaq Composite were up 0.99% and up 1.90% respectively. 

Other key markets ended lower. European stocks closed as follows: the FTSE100 (+0.02%), the Dax 30 (+0.39%), CAC 40 (+0.15%) and the STOXX (+0.43%). In Asia, the Hang Seng and Shanghai indices closed lower. The key Asian indices ended yesterday as follows: Nikkei 225(-0.40%), HSI (+1.41%) and the Shanghai Composite (-1.84%).

The yield on the US 10 - year note was at 3.957%, while the 2 - year note was at 4.885%. Oil was up to $80.67 per barrel, up 0.11%. The gold price was at US$1958.80 per ounce, down 0.08%. 

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