Market Drivers – U. S. Session – 28-10-2021

Corporate earnings released Thursday impacted the financial markets which closed the U. S. session’s transactions with significant shift of the assets.

Traders are eying the fluctuations caused by U. S. inflation reports and economic data, statements by the European Central Bank Christine Lagarde as well as developments in the negotiations on the federal budget were also of impact on the markets and assets.

Economic Data
The reading of Fed’s inflation chart fell to 4.5% in Q3 compared to the previous reading of 6.1%, which is in line with the expectations and estimates of the markets.
The U. S. weekly jobless benefits claims also showed a decline to 281k claims in the week ending on October 22, compared to the previous reading of 291k claims, below market expectations, which indicated 290 thousand claims.

The total number of beneficiaries of jobless benefits in the United States fell to 2.243 million in the week ending on October 15, compared to the previous reading of 2.48 million beneficiaries, which indicates a significant improvement compared to expectations that indicated 2.41 million beneficiaries.

But the US GDP index in the third quarter of this year fell to 2.00% on an annual basis, compared to the previous reading recorded in the same period last year at 6.7%.
Other Developments
Market risk assets capitalized on higher corporate earnings from overseas, McDonald’s, Ford and eBay versus losses for Boeing, earnings reports released Wednesday.
Investors are busy digesting the significance of the earnings reports issued by Amazon, Apple and Starbucks against market estimates and economists’ expectations.

Bitcoin continues its rise after a sudden drop of more than $ 3000 per unit, prompted by several positive factors, the recovery of the famous cryptocurrency and mining activity after the ban on this activity in China, and the German authorities’ announcement of the arrest of a member of the electronic hacking group “Revil” which targeted databases and computers with ransomware, and El Salvador’s purchase of Bitcoin worth $25 million.

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