Markets turn giddy on COVID news

Tuesday 24th August 2021There’s been a swift turn in market sentiment, with US equities pushing new highs and oil bouncing back sharply. NAB’s Rodrigo Catril says there are early signs that the rise in COVID cases in the US might have peaked, whilst the official approval of the Pfizer and BioNTech vaccines might encourage more people to come forward for the jab. PMIs told a less positive story, with services growth slowing in the US and, for now, Europe seemingly showing more growth. Amongst all the commotion, bond markets remaining quiet, waiting for any hint of policy direction from Jerome Powell at this Friday’s virtual Jackson Hole symposium.

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