Morning wrap (08.09.2021)

• US indices finished yesterday's trading lower. Dow Jones dropped 0.76%, S&P 500 moved 0.34% lower while Russell 2000 finished 0.72% lower. Nasdaq managed to gain 0.07% and finished trading at fresh all-time high

• Bears also dominated during the Asian session. S&P/ASX 200 dropped 0.4%, Kospi moved 0.7% lower and indices from China pulled back. Nikkei gained 0.8%%

• DAX futures point to a more or less flat opening of the European cash session

• In an interview with Financial Times, Fed's Bullard said that tapering will begin this year and should end in H1 2022. 

• Revision of the Japanese GDP data for Q2 showed economic growth at 0.5% QoQ, up from 0.3% QoQ signalled in initial reading

• According to Reuters report, Intel plans to invest up to €80 billion in expanding chip production capacity in the European Union

• A 7.1 magnitude earthquake hit the southwestern part of Mexico. At least 1 person was reported dead

• Situation on the cryptocurrency market stabilized following yesterday's sell-off. Bitcoin has been trading in $46,000-47,000 range since

• Precious metals are trading slightly higher

• Oil and industrial metals gain. Agricultural goods trade mixed

• AUD and NZD are the best performing major currencies while CHF and JPY lag the most

Bitcoin plunged massively yesterday and reached the lowest level since early-August. However, declines were halted and the coin managed to recover to the 50% retracement of a April-May correction ($46,600 area). Source: xStation5