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Markets React to the US Senate Passing Infrastructure Bill

Markets React to the US Senate Passing Infrastructure Bill

Dow Jones and S&P 500 closed at a record high after the senate passed the US $1 trillion infrastructure bill. The Dow climbed over 150 points while Nasdaq declined 0.5%.

Markets in Europe and the Middle East region rose, marginally, led by the UK. The FTSE gained 0.4%, which is the most in over a week, the CAC was up 0.1% and the DAX was up 0.2%. Investors continued to cheer earnings with travel and leisure driving markets higher.

In Asia, the Nikkei rose 150 points, up for the fourth day in a row with markets in Australia rose as well. The Kospi though continued its decline for the fifth day in a row. The SGX Nifty is trading flat with a negative bias.

Oil has risen over 2% which is the most since 21st July and has rebound from 100-DMA. Spot Gold continues its decline and has now declined almost 5% in the last 5 days. The London Metal Index has snapped its 2-day loss, as it gained over 1% which is the most since 29th July. All base metals gained at least 1% each on LME. SGX Iron Ore is up over 3% which is the most since 22nd June.

The Dollar Index continued to advance for the third day in a row and is now at almost its highest level since 21st July. The US 10-year yield has now gained 17 basis points or 0.17% in the last 5 days to trade above 1.35%. Bitcoin has been stable above the US $45,000.

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