Global Markets End Week on Buoyant Note

  • Market Overview

Most global markets ended last week in the green after a roller-coaster week of upbeat data and earnings reports, as well as continued accommodative monetary policies, combined with negative sentiment regarding the Covid-19 Delta variant.

European indices ended higher on Friday after sentiment across the continent was boosted by upbeat earnings reports and another dovish pledge from the European Central Bank to keep its monetary policy accommodative for the foreseeable future.

Wall Street traded near record highs Friday evening after growth-related shares once again outperformed other market sectors.

The US Markit manufacturing PMI hit another record high of 63.1 in July 2021, easily beating market forecasts, although price pressures and material shortages continue to weigh.

Although the rand weakened further Friday evening mainly due to a stronger US dollar, the JSE close up by 0.98%.

While Japan’s Nikkei was closed for a public holiday and the start of the Tokyo Olympics, shares in Hong Kong fell as Beijing’s tighter regulations continued to weigh on sentiment.

In commodity markets, copper prices rose, while the price of oil and gold fell slightly.

PSG Wealth Daily Investment Update, 26 July 2021

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