60 Second snapshot 13th September
13 September 2021
LAST WEEK IN 30 SECONDS...
Markets trended lower in a week where we saw US Treasury Secretary, Janet Yellen, appeal to Congress to increase government borrowing limits to avoid a shutdown in government operations. Elsewhere, the ECB reaffirmed their position and intention to maintain its existing bond purchasing outside of the pandemic assistance bond purchase programme.
With ongoing covid cases and an announcement by US President, Joe Biden, on Thursday that companies in excess of 100 employees must carry out testing or be vaccinated, investor sentiment dipped. The US NASDAQ finished the week 1.6% lower whilst global equities were down 0.9%.
THIS WEEK IN 30 SECONDS...
Tuesday sees the latest confirmation of US annual inflation which has been hovering above 5% for the previous 3-months amidst views that the elevated state is transitory. Eurozone industrial production updates which have been hampered by global chip shortages are released on Wednesday, whilst US Retail Sales updates are released on Thursday.
Ryanair holds its AGM on Thursday whilst Chinese tech firm Alibaba holds its AGM on Friday. Alibaba has been in the firing line of the Chinese government in recent months as officials seek to gain greater access to user data and reduce market dominance of the firm.
SALVADORANS SOUR ON CRYPTO VOLATILITY
El Salvador has taken the major step to make Bitcoin an official currency before it promptly fell in value by 10%. Where traditional economics previously impacted the purchasing power of a currency, Salvadorans need to be prepared for amplified trading impacting valuations of the cryptocurrency.