Kaohoon Morning Brief – 2 September 2021

1) OPEC+ sticks to a production increase, U.S. stockpile falls more than expected

OPEC and its allies agreed to stick to their existing policy of oil output increases by 400,000 barrels per day a month. Meanwhile, U.S. oil stockpiles dropped by 7.169 million barrels last week which was more than a drop of 1.732 million barrels forecasted by analysts.

 

2) U.S. private payrolls missed expectations in August

August private payrolls rose by 374,000, largely missing economists consensus of adding 625,000 jobs. Still, the figure was higher than jobs added by 326,000 in July. Analysts saw that a slight increase in August could hint at a slowdown in the job market recovery.

 

3) WHO is monitoring the new Covid-19 variant “mu”

The World Health Organization is monitoring a new coronavirus variant called “mu,” which reportedly is able to evade immunity. The variant was first identified in Colombia but has since been confirmed in at least 39 countries.

 

4) Nasdaq hits record high

The Nasdaq closed at a record high on Wednesday, kicking off September with a buying pressure in technology stocks. Meanwhile, the S&P 500 rose to a 52-week high.