People are going back to work as jobless claims drop

Data released on Thursday showed that weekly Initial Jobless Claims had fallen to their lowest level since March last year.

Figures from the Labour Department reported that claims for state unemployment benefits fell by 97,000 to 684,000 last week.

The number of claims in the latest report is the lowest since mid-March 2020 and comes near the anniversary of the first peak of the outbreak.

With claims falling below the forecasted total of 730,000 applications, both the Dow Jones and S&P 500 traded higher on Thursday.

As of writing both were up 0.66% and 0.48% respectively.

FTSE 100 lower on EU vaccine disputes

The FTSE 100 fell for a second consecutive day, as the vaccine distribution dispute between the UK and EU waged on.

Issues with the AstraZeneca vaccine: European Union made claims that the UK was “blocking” distribution of the vaccine

Issues began when the European Union made claims that the UK was “blocking” distribution of the AstraZeneca vaccine to the continent, claims with the UK later denied.

A member of the British government stated that, “The U.K. government has not blocked the exports of a single Covid-19 vaccine. Any references to a U.K. export ban or any restrictions on vaccines are completely false”.

Since then, tensions have remained, however in looking to move past this, a joint statement was released by the UK government and European Commission.

The statement read that, “We are all facing the same pandemic and the third wave makes cooperation between the EU and UK even more important. We have been discussing what more we can do to ensure a reciprocally beneficial relationship between the UK and EU on Covid-19”.

This seems to have fallen on deaf ears, as London’s FTSE-100 fell by  0.57% on Thursday.

Bitcoin falls by 10% to 2-week low

Markets on Thursday saw the value of the world’s most valuable Cryptocurrency fall by as much as 10%.

Bitcoin dropped to its lowest level since March 8th, as prices continue to fall since its rise to above $60,000 exactly a week ago.

BTCUSD traded at an intraday low of $50,373 in today’s session, seeing it lose over 10% on the day.

Thursday’s move was the largest one-day percentage decline since January 21st; however, prices have since rebounded and are trading around $52,000.

Quote of the day – “It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong.”

– George Soros

Eliman Dambel

Senior Market Analyst