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blog market at a glance 9 7 21

Markets at a Glance: Bitcoin, Oil, and Other Assets

Today marks the end of a trading week in the stock markets. The S&P 500 and the Nasdaq fell from record highs set a few days ago. The dollar rose slightly, and the 10-year US Treasuries were down around 1.32% after their worst declines since June 2021. 30-year US Treasuries dipped below 1.90% for the first time since February 2021.

Oil prices continued to decline, posting weekly losses similar to April 2021. West Texas Intermediate (WTI) crude oil hit the 2018 high of $73.07 a barrel. Recent tensions among OPEC+ members amid the gradual return to post-pandemic normality have caused oil prices to fluctuate. According to Morgan Stanley, oil prices could hover around $85 per barrel. Gold rose 0.2% to 1805.66 per ounce.

On the cryptocurrency front, Bitcoin is once again trading in negative territory. According to Bloomberg, Bitcoin’s low trading range can be attributed to the ardor for cryptocurrencies declining. A few days before, the multinational currency exchange Binance made headlines as the UK blocked it from operating in the country, causing a fall in digital assets.

Today, some economic events and publications could generate volatility in the markets:

  • United Kingdom Manufacturing Production m/m
  • United Kingdom Gross Domestic Product (GDP) m/m
  • United Kingdom Gross Domestic Product (GDP) 3m/3m
  • European Central Bank (ECB) President Lagarde Speech
  • Canada Employment Change
  • The G20 meeting in Venice, Italy

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