Global Stocks Reach New Highs Amid Deteriorating Job Market
The global stock market showed signs of recovery in the week ending August 7, with several indices reaching new all-time highs. The Australian ASX rallied to a record high on Thursday, while India's NIFTY and Japan's Nikkei are poised to make new records soon. In Europe, the Netherlands AEX, German DAX, and London FTSE also recorded new highs, but the Swiss Stock Market Index fell short of its all-time high.
The S&P 500 and DJIA in the US made new all-time highs on August 5, but the NASDAQ failed to reach its previous record. The precious metals market saw a boost, with gold reaching a weekly high of $4432 in the December contract, and silver rallying to $65.48.
Bitcoin continued to trade within its multi-week zone of highs between $65,000-$67,000. T-Notes rallied sharply to just above 109 after falling to its yearly low below 108 on July 31. The decline in Crude Oil prices contributed to the rally in T-Notes.
Geocosmic expert MMA attributed the market's performance to Jupiter's recent ingress into Leo, which historically has a bias for a sharp sell-off before it ends next summer. However, the expert also noted that the current market environment suggests a correction of the trend already underway since late July.